Running a closely held business is no small feat. Owners often prioritize core operations — managing employees, serving customers, and driving sales — while tasks like bookkeeping fall to the bottom of the to-do list. But overlooking the financials can be risky. Complex accounting rules, paired with the time-consuming nature
The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. But the provision for accounting for current expected credit loss (CECL) went into effect for not-for-profits in calendar years ending in 2023 and fiscal years ending in 2024. Also, it doesn’t apply
Understanding your business’s financial health is essential for long-term success. QuickBooks® offers a powerful reporting tool suite that can provide critical insights to support decision-making and help you comply with accounting and tax rules. Accrual-basis QuickBooks users should get in the habit of reviewing the following five reports monthly to
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