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 to […]
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 […]
8 Technology-Related Questions That Could Reduce Your Tax Bill and Increase Efficiency
By Andy Knutson, CPA Trying to keep pace with changes in technology can feel like running on a treadmill—you can never stay ahead! But like a good treadmill workout, it’s a worthy effort. Improving your business’s IT infrastructure can lead to improved efficiencies, security, and even employee morale. And it just so happens that year-end […]