Accounting is almost as old as business itself, and mostly unchanged through the centuries. It’s still basically just a process of recording expenses and revenues then figuring up what you actually have in the bank. Simple, right? Not necessarily. Even the most basic bookkeeping requires more than simple arithmetic. Someone also needs to track the numbers according to strategic objectives,…
COVID-19 accelerated the trend of remote work and now offices will never be the same. Is yours set up to thrive even if people don’t return to their desks?
Outsourcing critical services lets startups stay lean and agile. But which services do they really need? Explore how to answer that question correctly.
Preparing annual financial statements and preparing for auditors can be a stressful time for companies and it’s account staff. But it doesn’t have to be stressful There are some preparatory steps most companies can to make the process easier , quicker and more efficient. The important thing is to prepare before year end. For folks with a December year end,…
Your specialty is running your business. Leave the financial detail to an accountant. If you and your accountant use cloud-based accounting software, you’ll be able to keep track of what your accountant does, and always be able to see your company’s financial situation at a glance. We have witnessed and/or either worked with companies that have attempted to do their…
Business owners usually wear several hats. The thinking cap, the creative beret, the sales and marketing topper. Not too many want to don the green visor – the once-popular headwear of accountants. Shuffling piles of paperwork, figuring out how to enter transactions, reconcile accounts, keep track of payables and receivables, generate invoices, close period ends…all are necessary to the running…
All successful companies outgrow their accounting and ERP systems. Upgrading at the right time will ensure that the company has the right system and that it gets that system at the right price. Knowing the reasons for a new system helps define the goals and objectives that are essential to a successful implementation. The first step is to identify the…
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…
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 Bill.com and Quickbook 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 Bill.com and Quickbooks. But if you’re not life-long accountants, you may have no idea what the AICPA is or what…