GASB establishes new approach for reporting leases

GASB established a single approach to accounting for and reporting leases by local and state governments in a new statement issued Wednesday. GASB Statement No. 87, Leases, is based on the principle that a lease finances the right to use an underlying asset. The standard offers guidance for nonfinancial assets, including vehicles, heavy equipment, and […]

Read More

The Perfect Succession Plan

There was time not long ago when I considering retirement. As an entrepreneur, the question is always, “how can I step away from the business and be assured that my clients are taken care of and my legacy and cash flow are preserved?” For most practitioners, the first thought is to sell the practice to […]

Read More

The working vacation; Having Your Cake and Eating it too.

Who doesn’t want to take multiple vacations every year. Better yet, visiting exotic locations around the world while still maintaining a high level of productivity, training staff or meeting with clients. Sounds too good to be true, right? Or maybe you’re thinking that you have to be super rich or have the last name “Trump”. […]

Read More

Practitioners’: This is a must read.

Being a sole proprietor or owner of an accounting firm can be very gratifying but quite challenging at times. It doesn’t really matter if you are a sole practitioner or have staff, the buck normally stops with you. We jokingly call it wearing a lot of hats….when all the decisions come from you and hardly […]

Read More

Confidentiality in the Cloud

As accounting professionals, we are keenly aware of maintaining the confidentiality of client records. Our clients trust us with their most sensitive and personal information whether it’s accounting records, banking information or tax ID numbers. Our worst nightmare is to have a security breach or otherwise compromise client information or worst yet have a fraud […]

Read More

Making the Move to Fixed Fee Billing

While much of the industry remains steadfast in billing by the hour, there is an emerging trend and need for firms to change their billing practices. Many are beginning to realize the benefits of using fixed fee billing. Here are some reasons why. Technology – If you have moved at least part of your firm to the cloud, you […]

Read More

Why Your Firm Should Switch to the Cloud

By now you have at least heard of cloud computing. This can come in the form of simply using an online accounting service, such as QuickBooks Online or moving your entire business to a virtual server. If you are still on the fence about whether you should move to the cloud, here are a few […]

Read More