By Louann Cassano
Feel like your accountant is speaking another language? We won’t make you feel that way. Here are some common accounting terms to help you sound like an accounting pro:
The Balance Sheet is the financial statement that includes your assets, liabilities and equity. Assets always equal Liabilities plus Equity.
Income Statement (also known as the P&L) is the financial statement that includes your sales and expenses. The expenses are subtracted from sales to arrive...
Is your wallet stuffed with business receipts that you just don’t have time to organize? Do you dread preparing expense reports? Does your bookkeeper spend an inordinate amount of time chasing down those tiny pieces of paper and explanations from salespeople in far-flung regions? How often do your employees feel cheated out of reimbursement because they lost proof of valid expenditures?
In other words, is your business still being held hostage to the dreaded paper receipt? It needn’t...
The LEA Manufacturing Steering Group oversees the development of this annual report. It is made up of members from the following firms:
Anders CPAs + Advisors
Bennett Thrasher LLP
Blue & Co., LLC
KPM CPAs & Advisors
William Vaughan Company
More than 450 manufacturing executives participated in the survey, which includes the opinions of respondents who produce industrial/machining, transportation/automotive, construction,...
By Erin Silkowski
Your company’s operation might rely heavily on leasing equipment or property as a way of using assets without the burden of purchasing or disposing of them when no longer needed. Due to changes adopted by the Financial Accounting Standards Board, many of these lease agreements that take place off the balance sheets will soon find their way on to them. As a result, it is essential to familiarize yourself with the upcoming changes sooner rather than later to avoid...
By Fatima Wallizadeh
Updated 7/30/2019. When an internal audit is conducted, auditors set up in a conference room with boxes of files, stacks of binders and open laptops. They might stay for a day, a week or longer.
But do you really know what goes on during an audit, and why doing one is so important to a company’s operations? Here is what happens during an audit, and how auditors work with their clients to help them improve their businesses.
Learning the client
It’s essential for...
By Ruth Raftery
“Hello! My name is Samantha and I am an automated voice recognition answering service. You can speak to me as you would with a live representative. Please tell me, what are you calling about today?”
It seems many calls I make lately– whether to credit card companies or to other businesses – are answered by the type of technology that runs programs like “Samantha.” In my experience, these systems can never actually answer the types of questions...
Dr. Nick Molinaro, Ed.D., P.C.
CEOs and other top business executives have it tough. We read about their challenges all the time. Sometimes they are called heroes and sometimes goats for taking actions in the face of a possible downside – or for refusing to do so.
Ah, the magic of 20-20 hindsight.
An accountant’s main job consists of narrowly focusing on the specific task in front of them. CEOs, on the other hand, must have the ability to shift awareness to different items perhaps...
Dr. Nick Molinaro, Ed.D., P.C.
As I have explained in this previous post regarding my work as a licensed psychologist with high-level athletes, awareness and focus are critical. Those same mental skills serve the leadership skills of the exceptionally performing business leaders I work with as well. Let’s drill a little deeper into how the performance abilities of both groups align.
From a psychological viewpoint, there are two types of sports – closed and open – and many top athletes...
By Brittney Neal
Updated 7/30/2019. Businesses change hands all the time, for a variety of reasons. Whether they’re sold, gifted, merged, passed on to next of kin, or divided among former partners, family members or divorcing spouses, ownership of even the most stable of businesses at some point will change.
And when a business changes hands in whole or in part, the parties involved need to have an accurate picture of the value of the sum total of the company’s assets....
By Laura Melville
Under current regulations, employees are exempt from overtime pay if they meet three criteria: the employee must be salaried, perform executive, administrative or professional duties, and earn more than $455 per week, or $23,660 per year. The current salary threshold was enacted in 2004.
But that salary threshold could be increasing, as the U.S. Department of Labor last year recommended raising the salary criteria to $913 per week, or $47,476 per year. (The rule...