Benefits of Using a Lease Management Software Tool to Implement ASC 842

Lease Accounting Standard ASC 842

As the time frame for implementing the new lease accounting standard, ASC 842, is only a few short months away, it may be beneficial to look at some of the advantages of using a lease management software tool rather than relying on more conventional methods. Compliance with the new standard is the most important factor […]

The Details on GASB 97

The Details on GASB 97

GASB 97: Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans (an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32) Effective Dates Effective for fiscal years beginning after June 15, 2021 Overview Governmental Accounting Standards Board Statement […]

GASB Statement No. 96 Guidelines for Subscription-Based Information Technology Arrangements (SBITAs)

GASB 96 Help SBITAs

As the technology landscape continues to evolve at a rapid pace, accounting guidance for new technology is attempting to keep up. Remote work arrangements are becoming the norm, influencing entities to opt for cloud-based software subscriptions to accommodate for these changes. Existing Government Accounting Standards Board (GASB) standards have addressed software that is developed internally […]

New Audit Standards for Entities with Fiscal Years Ending after December 15, 2021

Tax planning for businesses

After a one-year delay in implementation due to COVID-19, auditors will be required to implement a new suite of audit standards intended to provide more transparency into the basis of the audit opinion and more closely align the reporting requirements of U.S. generally accepted auditing standards with those of the PCAOB and International Auditing and […]

Think inventory costs aren’t important? Your competitors disagree.

Warehouse inventory

Manufacturers, distributors, retailers and supply chain management professionals are doing everything they can to lower inventory costs in order to stay ahead of the competition. If you’re struggling to trim inventory spending, take advantage of these five strategies to reduce costs. 1. Smartly manage inventory levels The level of inventory you keep on hand directly […]

Cost Accounting: Don’t Let It Sit on the Back Burner

American Rescue Plan Act

Is it important to know what it costs to make a widget, or to provide your service? If you have profit at the end of the day, isn’t your revenue greater than your expenses? Of course, the simple answer to that is: yes. But, could it be more? Could you have more cash left at […]

Shuttered Venues Get Federal Assistance

empty theater venue

On December 27, President Trump signed the bipartisan Consolidated Appropriations Act 2021, which modifies existing laws including the CARES Act and expiring tax provisions, and includes several new programs. One such new provision is grants for shuttered venue operators. The Consolidated Appropriations Act authorizes $15 billion for the Small Business Administration (SBA) to make grants […]

The nuts and bolts of parts inventory management

Various factors go into improving the management of your parts inventory. One of the most important is eliminating or minimizing variances between the actual parts on the shelves and the parts that your inventory management system says are there. When parts inventory management = cash Inventory is sometimes referred to as “cash on the shelf” […]