Man speaking through megaphone

Our Blog

Outsourcing the CFO Role

24 November 2021
Outsourcing the CFO Role

Why should a business rely on an outside advisor to fulfill all or part of the role of the chief financial officer?


Is it time to upgrade your accounting system?

22 November 2021
Is it time to upgrade your accounting system?

Is it time to upgrade your accounting system? Timely financial data is key to making informed business decisions. But getting what you want from your current system, when you want it, may not always be easy or even feasible. The software that worked for your company years ago may not be the optimal choice today. When deciding whether to upgrade, look beyond cost and consider such issues as remote access, compatibility with other systems and applications, the level of vendor support, and the needs of your team. If you’re dissatisfied with your current system, we can identify other cost-effective solutions that may better fit your operational needs.


Going concern disclosures today

19 November 2021
Going concern disclosures today

With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you may have questions about how to evaluate your company’s going concern status. “Going concern” issues arise when it’s probable that the entity won’t be able to meet its obligations within one year after the date the financial statements are issued (or available to be issued). If your business is continuing to struggle in 2021, contact us to discuss management’s going concern assessment and any mitigation plans. We can help you understand potential red flags and how going concern issues may affect your balance sheet and disclosures.


10 financial statement areas to watch for COVID-related effects

17 November 2021
10 financial statement areas to watch for COVID-related effects

How has the pandemic affected your organization? You might not have considered this question since last year if your organization prepares GAAP financial statements only at year end. Home in on the following 10 areas: 1) revenue recognition and collectability of accounts receivable, 2) government grants, 3) estimates and fair values, 4) investments and financial instruments that qualify for hedge accounting, 5) inventory, 6) property, plant and equipment, 7) goodwill and other intangible assets, 8) deferred tax assets, 9) accrued liabilities, and 10) long-term debt. Contact us to ensure your accounting staff is on track to accurately report pandemic-related effects to stakeholders for 2021.


Have you followed up on the management letter from your audit team?

15 November 2021
Have you followed up on the management letter from your audit team?

You received a management letter when your audit team delivered your company’s financial statements in the spring. This letter contains FREE professional advice, based on observations made during audit fieldwork. It communicates internal control deficiencies and may suggest ways to fortify internal control systems, streamline operations and reduce expenses. You probably haven’t had a chance to imp lement your auditor’s suggestions yet. But there’s no time like the present. The write-up for each item in the management letter includes a possible solution or lists alternative approaches. If you’re unsure how to implement a particular suggestion, reach out to your audit team for more information.