If your finance team is pasting enterprise resource planning (ERP) data into Excel and then manually crunching figures for your firm’s financial reporting, it may be time to consider a software solution. If you haven’t recently audited how much time it takes your team to create a financial report, this may be the right moment […]
The Securities and Exchange Commission (SEC) just fined a company $35 million because it didn’t maintain adequate disclosure rules for tracking workplace complaints and violated whistleblower protections for departing employees. The only problem? The SEC admits not a single employee of the company came to the SEC to complain about its practices. And there’s no […]
Despite how important monthly financial close is, many companies still struggle to close their books within one workweek, according to a survey by the American Productivity & Quality Center (APQC). APQC data found that the median number of days an organization needs to complete monthly financial close is six. Some take as many as 10, […]
You can now file Form 1099 series information returns using the Information Returns Intake System (IRIS) online portal. Step one is enrolling with IRS by clicking here. IRS is touting the free electronic filing service, which doesn’t require any special software, as secure, accurate and particularly helpful for small businesses that typically file paper 1099s. […]
The Financial Accounting Standards Board (FASB) is requiring public companies to disclose expense details involving employee compensation, depreciation of “property, plant and equipment,” amortization of intangible assets, and costs capitalized to inventory in their income statements. While it may make financial reports more insightful to your company’s investors, depending on what happens next, your Accounting […]
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan. No one is going to jail, and in almost every case you won’t be paying a penalty, so long as you take steps to rectify the error promptly and correctly. The IRS’ Employee Plans Compliance […]
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Form 1099-K for income received from business transactions over third-party payment networks. That’s because the Form 1099-K reporting threshold requirement for third-party settlement organizations was lowered from $20,000 in aggregate payments from […]
Accounts Receivable departments need to stay on their toes for scam artists and fraudsters. Plenty of companies’ cash flows are squeezed tighter than ever these days. So the last thing you need is to accept and fill an order from a source that’s not going to pay for it. Turns out there are a few […]
Among the many year-end duties finance teams are working on is identifying an aged account that isn’t likely to pay. This is the type of customer that Accounts Receivable called and wrote to so many times to collect, it was handed off to Collections months ago, but all to no avail. Maybe the customer’s in […]
