Professional Accounting Blog

    Accounting For Your Prosperity

    Joseph Manolas

    Joseph is a Senior Manager at Meaden & Moore.

    Recent Posts

    "Closed"- For Inventory 

    Posted by Joseph Manolas on Dec 1, 2016 4:01:24 PM

    Topics: Accounting & Auditing

    Is Cycle Counting right for your company?

    As another year end is fast approaching, does your stomach start to turn at the idea of shutting down your facility for days at a time to perform an annual physical of your inventory? Does the thought of re-training new staff to count product that they are not familiar with make your head spin? Do you want to crawl under your desk at the thought of the countless hours that will be spent investigating discrepancies? What about the unrest you may feel not knowing just how big the year-end adjustment may be to “that number” on your balance sheet that drives so many decisions for your company? As you dust off the physical inventory manual and prepare for the daunting task ahead, maybe it is time to consider if Cycle Counting your inventory is a better approach for your company.

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    Record Retention – How long should you or your business hold on to tax returns or audit/review documents?

    Posted by Joseph Manolas on Nov 8, 2016 8:00:00 AM

    Topics: Accounting & Auditing

    As we have now passed the extended deadline for filing your personal tax return, a common question is “How long should I hold onto copies of my tax returns and documents?” Most tax payers are happy they are getting a refund and stuff their tax return and supporting documents in a file and forget about it. Businesses that require an annual audit or review of financial statements also often question how long they should maintain the documents they receive at the conclusion of these engagements. Let us shine some light on the subject so you’re no longer in the dark.

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    Required Communication Letters in an Audit: Their Meanings Revealed!

    Posted by Joseph Manolas on Feb 6, 2014 1:03:00 PM

    Topics: Accounting & Auditing

    The audit is over. Your audited financial statements have been delivered, but so have these two communication letters: the SAS (“Statement on Auditing Standards”) 114 and SAS 115 letters. All the legal jargon in them seems overwhelming, and you don’t want to call your attorney and be billed for the time spent explaining it. Most likely, you’re thinking of just filing them away with your financial statements. But don’t do that just yet. Let us shed some light on these mysterious letters: what are they for and what do they mean?

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