Professional Accounting Blog

    Accounting For Your Prosperity

    Here Today, Gone Tomorrow: Planning for Employee Turnover

    Posted by Barry Thoman on Jul 25, 2019 10:27:00 AM

    Topics: Accounting & Auditing

    Imagine this: It's 9 a.m. on a beautiful Monday morning and the owner of a flourishing company is sitting at their desk enjoying that morning cup of coffee when in walks the Controller. The Controller smiles and says, “I’d like to thank you for 25 great years, but I’ve decided to retire and pursue my passion of ice fishing in Antarctica. You got me for 12 more months!” While this comes as a complete surprise to the owner, this news is already a distant thought. One year is plenty of time to find a new Controller, right?

    Well, this scenario may be a bit far-fetched since 40% of baby boomers say they will work until they die (baby boomers are reaching age 65 from 2011-2029)*. Employee turnover in the workplace, even in management positions, is inevitable and at times unpredictable.

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    How to Prevent Fraudulent Bank Transactions in Your Account

    Posted by Kendra Williams on Jul 8, 2019 9:30:00 AM

    Topics: Accounting & Auditing

    In the “old days” (insert my sweet grandmother’s voice), accounting employees waited to reconcile cash until the monthly bank statements were received in the mail. Today, companies are “going green” to avoid monthly fees by waiving paper statements. It’s far easier and more convenient to review daily transactions through the bank’s website.  But is pressing that easy button causing you to overlook fraudulent bank transactions in your account?

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    4 Innovative Ways to Improve Logistics to Increase Profitability

    Posted by Carlin Culbertson on Jun 27, 2019 3:47:06 PM

    Topics: Accounting & Auditing, Accounting and Tax Resource

    Freight management helps companies gain an understanding of where their shipments are, builds better customer relationships, reduces the need for excess inventory and improves reliability across the supply chain.

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    The Importance of Accurate Inventory Forecasting

    Posted by Carlin Culbertson on Jun 14, 2019 10:56:00 AM

    Topics: Accounting & Auditing

    Forecasting is a key element in conducting your business. The realism that good forecasting provides can help you develop and improve your strategic plans by increasing your knowledge of the marketplace. The forecast that your sales force provides is the source of information that allows you to manage virtually all aspects of your business.

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    6 Questions to Ask When Selecting an Audit Firm

    Posted by Carlin Culbertson on May 28, 2019 8:00:00 AM

    Topics: Accounting & Auditing

    Higher Turnover May be Great for Inventory but Not so Much for Your Audit Team

    Auditor that could be your kid – “What on earth is demurrage?” 

    You  – “Seriously? What do your workpapers say from last year about it? Or maybe try using this thing called Google.”

    Or, in the scenario that you get an auditor that knows everything there is to know.

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    How the New Revenue Rules Impact E&C Industry Financial Reporting

    Posted by Meaden & Moore on Feb 7, 2019 8:00:00 AM

    Topics: Accounting & Auditing, Construction

    Back in 2014, new financial reporting rules were issued for companies who generate revenue from contracts with customers. Included in the scope of the new standards are engineering and construction (E&C) companies, where it is customary business practice to enter into contracts with customers, subcontractors, consultants, and other vendors.

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    2019 Revenue Recognition: How Meaden & Moore Can Help Construction Contractors

    Posted by Meaden & Moore on Feb 1, 2019 8:00:00 AM

    Topics: Accounting & Auditing, Construction

    The Financial Accounting Standards Board (FASB) issued new rules for how to recognize revenue from contracts with customers. The new revenue rules contain a number of considerable changes that impact the ways companies account for revenue, including those in the construction industry.

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    ESOPs: What Retirement Benefit Options Can Be Offered to My Employees?

    Posted by Michelle Buckley on Jan 31, 2019 8:00:00 AM

    Topics: Accounting & Auditing

    An employee stock ownership plan (ESOP) is a type of retirement plan that helps employees obtain ownership of the company they are employed by. An ESOP can be an exit strategy for an owner of a privately held company. There are different types of retirement plan options to offer employees if you are an ESOP.

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    What Aluminum and Steel Tariffs Mean for Your Construction Project

    Posted by Meaden & Moore on Oct 25, 2018 8:00:00 AM

    Topics: Accounting & Auditing, Construction

    In March 2018, the United States imposed steel (25%) and aluminum (10%) tariffs on imports from Canada, Mexico, and the European Union. Both steel and aluminum are significant components of construction materials, but how significant will steel and aluminum tariffs impact the overall cost of construction on a typical construction project?

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    Happy 65th Baby Boomers!

    Posted by Lloyd Bell on Aug 30, 2018 3:44:47 PM

    Topics: Accounting & Auditing, Corporate Finance

    Much of the excitement in recent years has centered on the great transfer of wealth that is expected to occur as Baby Boomers retire. There is no denying the demographics: the Pew Research Center reports that 10,000 Boomers will turn 65 every day for the next 19 years. Gads…where are we going to put them all?

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