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Friday, 13 March 2020

How Technology is Changing Accounting

Written by Danielle McGee, CPA

By Danielle McGee, CPA   Artificial intelligence, blockchain, cryptocurrency: the ABCs of 2020. Like all other industries, the accounting profession is experiencing an increasingly rapid pace of change. Technology is likely not the first thing you think of when you think about accountants, but it has transformed the industry from pencil and paper and outdated financial information (just a few short years ago) to real-time access to financial information and the ability to provide feedback as soon as transactions occur. The modern accountant is using tools such as QuickBooks Online, Sage Intacct, Bill...

Published in Business Consulting
Thursday, 03 October 2019

Accounting for the cannabis industry: Prepare yourself for tax scrutiny

Written by Erik, Schumacher

In light of the recent legalization of recreational cannabis in Michigan, the industry is rapidly growing and changing. Business owners and entrepreneurs are seeing the infinite opportunities, but they should be aware of the many risk areas to avoid fallout. The cannabis industry is a tightly regulated and high-risk business, and on the financial side, those involved must prepare to have their financial and tax information scrutinized. Click here to read the full article in the Grand Rapids Business Journal...

Published in Tax
Monday, 29 July 2019

To CFO or not CFO? A small business dilemma

Written by Tom Shemanski, CPA

Whether or not to hire someone to fill a CFO role is a question that many small businesses face. Maybe to help answer this question, we need to ask another. What does a CFO provide beyond what your controller, accounting manager or bookkeeper are providing? Here’s a brief listing of what you could expect from a seasoned CFO: Strategic thinker What’s our value proposition in the market place?..

Published in Business Consulting
Wednesday, 10 April 2019

Running your personal finances like a business

Written by Thomson Reuters

Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at your financial situation this way to determine where you might cut expenses and boost cash flow. Here are some tips. Lay out your financials Where an executive might reach for financial statements to get a read on the company’s standing, you can create or update a net worth statement...

Published in Tax
Tuesday, 20 November 2018

Choosing the right service provider for your business

Written by The Rehmann Team

So you’ve decided it’s time to engage a service provider to support some or all of your most critical business functions, but realize choosing the right provider can be challenging. There are dozens of companies to choose from, which is why it’s extremely important to thoroughly research each prospect to find the right partner for your business. Here are nine areas to keep in mind when evaluating service providers. 1) Security and privacy Make sure your provider is using leading storage solutions and taking precautions to protect your data...

Published in Business Consulting
Tuesday, 12 June 2018

5 Signs Your Healthcare Practice Has Outgrown QuickBooks

Written by The Rehmann Team

You’ve put in a lot time and effort to nurture a growing healthcare practice and while QuickBooks worked well at the start, it’s time for something better. QuickBooks isn’t sophisticated enough to manage complicated healthcare operations and it could already be creating new problems. You may not have noticed it right away, but there are several signs that QuickBooks isn’t meeting your needs and could be hampering growth. Here are the top 5 ways to tell you’ve outgrown QuickBooks and what you should do now before things get worse...

Published in Healthcare
Tuesday, 17 April 2018

Tech-Savvy CFOs Look Beyond the Cloud for Agility

Written by Cindy Jutras

The digital world we live in today brings new opportunities, along with new challenges for companies of all sizes. The Internet has leveled the playing field. Even small to midsize enterprises can establish a worldwide presence and compete on a global scale. But even as technological advances create unprecedented opportunities, they also increase the potential for business disruption, bringing new sources of competition as well as entirely new business models...

Wednesday, 11 April 2018

5 Leadership Qualities of a Tech-Savvy CFO

Written by Cindy Brinker

The success or failure of a company is directly dependent on the collective decisions of each team member, but the actions of the team are dependent on their leader. A strong leader will inspire their team to develop themselves both personally and professionally, which generates passion for improvement. A unified, passionate team will perform with enhanced productivity and contribute to the growth and success of their company. Therefore, being a great leader is required for running a great business...

Monday, 22 May 2017

Is it time to outsource?

Written by By: Sharon Berman, CPA, CGMA

There comes a time in the life of a growing business when certain functions begin to distract owners and management from their core business activities. Outsourcing accounting and other financial tasks enables management to “work smarter” by shifting these tasks to third-party providers who can perform them more efficiently and effectively. How do you know when it’s time to outsource? Here are six questions to ask: Is management spending too much time on routine tasks?..

Published in Business Consulting
Tuesday, 28 February 2017

Are you purchasing assets or a business?

Written by Thomson Reuters

On January 5, 2017, the Financial Accounting Standards Board (FASB) published guidance to revise the existing rules for determining whether the purchase (or sale) of an asset or group of assets qualifies as the purchase (or disposal) of a business. Here’s what’s changing under the updated guidance and why the changes are needed. Finding clarity Critics believe that the current definition of a business is overly broad and captures too many day-to-day purchases of assets, requiring businesses to follow the complex rules for business combinations under existing U.S...

Published in Audit & Assurance
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