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Tag: FinancialReporting

Reduce Year-End Accounting Woes with these End-of-Month Closing Best Practices

By Wiss Advisory Associate One of the best ways to alleviate end-of-year financial stress is by being more proactive in your monthly closing process. The trick to keeping procrastination at bay throughout the year is to make your monthly closings more productive and predictable. Follow these tips to stay on track each month. Set and maintain a schedule. When your staff knows that the final Friday of the month (or whichever date you set) is close time, it becomes a structured part...

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New Guidance for Nonprofits: Be Aware of FASB’s Changes in Nonprofit Reporting

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December...

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Finding the Right Accounting Software for your Professional Services Firm

By Paul Ursich Emerging engineering firms and other professional services companies quickly outgrow the rudimentary accounting system software they buy off the shelf to get started. Although these starter systems can handle the basics, such as financial reporting, accounts payable processing and accounts receivable, they have limited capability for handling employee time reporting, expense reports, project reporting and related functions. However, there are several software packages...

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Finding the Right IT Tool for Real Estate Management

By Alexander J. Narcise  If you own a real estate investment or property management firm and are reluctant to take on the time-consuming hassle of running a financial report, it’s time to upgrade your accounting software system. Off-the-shelf accounting software systems don’t know your business. They don’t speak your language. They can’t respond to requests for construction project accounting or help you manage leases, issue tenant arrears reports or run a partner distribution schedule....

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An Evolving Role

Look for a diversified skill set when choosing a CFO By Paul Ursich Today’s CFOs need a firm grounding in accounting, financial reporting and tax planning as a starting point. They also need an understanding of computer software systems, a good working relationship with your company’s IT department and the ability to develop company strategies. An effective CFO must also be a smart manager and a team builder who can engage your controller and accounting department. This combination...

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