When to Report Subsequent Events

Now or later? When to report Certain Events Financial statements present a company’s financial position as of a specific date. This is typically the end of the year or quarter. But sometimes events happen shortly after the end of the period that have financial implications for the prior period or for the future. Here’s a…

Business Data Breach? Five Steps to Take

Responding to the nightmare of a data breach It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering…

Prepare for Physical Inventory

Are you preparing for your physical inventory counts? This is more than a compliance chore. Companies that are proactive use inventory as an opportunity to improve efficiency. The Basics Under U.S. Generally Accepted Accounting Principles (GAAP), inventory is recorded at the lower of cost or market value. These are the three types: Raw materials, Work-in-progress,…

Strong BYOD Policy and Your Business

A Strong BYOD Policy Protects Your Business and Your Employees Many businesses adopt a “bring your own device” (BYOD) approach to the smartphones, tablets, and laptops.  And many employees rely on them to do their jobs. BYOD can boost employee efficiency and satisfaction, often while reducing a company’s IT costs. But the approach isn’t without risk…

Business Complained – FASB Responded

Cloud Servers vs. Physical Servers – FASB Responds Businesses have complained to the Financial Accounting Standards Board (FASB) about the different accounting treatment for cloud-based services vs. those operated on physical servers onsite over the last three years. Businesses told the FASB that the economics of these arrangements are virtually the same. As more businesses…