Professional Accounting Blog

    Accounting For Your Prosperity

    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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    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

    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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    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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    How High Are We?

    Posted by Lloyd Bell on Jun 6, 2018 2:48:50 PM

    Topics: Accounting & Auditing, Corporate Finance

    GF Data Resources began its latest quarterly report with the statement, “High valuations and abundant use of debt continued to mark completed deal activity in the first quarter of 2018.” Let’s dig deeper and get a better understanding of “high.”

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    Cybersecurity: Employee Benefit Plan Edition

    Posted by Brian Dunfee on May 22, 2018 8:44:00 AM

    Topics: Accounting & Auditing, Benefit Plan Advising & Auditing

    The threat of cybersecurity is nothing new these days.  However, the threat continues to promulgate itself into more and more aspects of our daily life.  From GPS systems to automobile computer systems to social media platforms, cybersecurity threats are continuing to evolve and will continue to inflict harm on the unprepared.  And, employee benefit plans are no exception.

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    Identifying and Combating Construction Change Order Fraud

    Posted by Meaden & Moore on May 8, 2018 3:40:56 PM

    Topics: Accounting & Auditing, Construction

    In part I of our series, How to Spot Construction Change Order Fraud, we highlighted examples of change order abuse. In this post, we will dig deeper into ways to identify threatening behavior ahead of time and ways to prevent change fraud.

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    Accounting for Merger and Acquisition Transaction Costs

    Posted by John Nicklas on Apr 25, 2018 11:33:37 AM

    Topics: Accounting & Auditing

    Prior to 2009, merger and acquisition (M&A) transaction costs were capitalized and recorded as part of the purchase price of a business combination. But with the issuance of FASB 141-Revised (which became effective in late 2008 or 2009), things changed dramatically. Under the revised Generally Accepted Accounting Principles (GAAP) guidelines, direct M&A transaction costs now needed to be treated separately from the business combination and expensed as occurred. This was a big change and a big topic of conversation almost 20 years ago. It also had a significant impact on the bottom line of many company’s P&Ls. Even today, many CPAs and acquisition teams struggle with the accounting and tax treatment of acquisition costs. Below we will discuss the various types of costs and the general accounting and tax treatment.

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