MLR

Category: Audit

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

The new revenue recognition rules apply to all companies that follow United States’ Generally Accepted Accounting Principles (GAAP). The accounting personnel who deal with accounting systems within your private company should ensure they are prepared for this change in financial reporting. No matter what industry your business deals with, you should schedule and follow the new changes in order to remain current in your policies.

Maintaining accurate records helps you manage the day-to-day operations of a business and makes it possible to prove that your organization is in compliance with various laws and regulations. Keeping good records also helps when hiring business tax services or when seeking business tax advice.

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Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management and their boards.

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Executive perks that are not properly reported to the IRS can land both you and your company in hot water.

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Think of your not-for-profit organization and its external auditor as dance partners performing a well-choreographed routine.

In the context of mergers and acquisitions, potential investors get a level of assurance when the investment target is audited.  However, relying solely on the target’s audited financial statements when making an investment decision could be shortsighted.

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Three new accounting changes will impact financial statements issued by accounting firms in the upcoming years. While we continually discuss these changes with our clients, we also want their lending institutions and investors to understand the effect these changes may have on their clients’ debt covenants, revenues, earnings and other information used to make funding decisions.

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For-profit subsidiaries of not-for-profit organizations are strikingly diverse. Consider these real-life examples: In one part of the country, a not-for-profit health maintenance organization (HMO) creates a for-profit subsidiary to offer health insurance unavailable through HMOs.