By Andy Knutson, CPA In the commercial construction industry, it’s common practice for project owners (typically public entities) or general contractors to request a construction surety bond to protect against contractor or subcontractor default. To secure a construction surety bond, the first step is to contact a bonding agent. A bonding agent serves as […]
4 Telltale Signs of an Inadequate Accounting System
By Andy Knutson, CPA As your business grows and evolves, you may change your space, equipment, and employees to keep up. But what about your accounting system? Although some companies may never outgrow a basic accounting system such as QuickBooks, others, particularly those in retail, manufacturing, and construction industries, may quickly find it lacking. This […]
Improve Your Internal Controls For a Better 2018
By Andy Knutson, CPA Internal controls are best defined as the policies and procedures an organization employs to create value and minimize fraud risk. They are critical not only for fraud prevention but also for accurate financial reporting. For these reasons, business owners must be careful to avoid complacency. Even if your controls seem […]
How to Build a Rock-Star Internal Accounting Team
By Andy Knutson, CPA As a business owner, you depend heavily on your internal accounting staff. These are the people, after all, who keep you up to speed on the financial side of your operations—i.e., the information you need to make critical business decisions. When this team isn’t on top of its game, you feel […]
Coming Soon: Major Changes to GAAP
By Andy Knutson, CPA Like tax regulations, generally accepted accounting principles (GAAP) continue to change. The Financial Standards Accounting Board has approved two changes that will alter how companies recognize revenue and record leased assets. Although these changes aren’t immediate, it’s important to be aware of what’s coming. Here’s a summary of the changes you […]