Tag Archives | business financial records

People sending and receiving money wirelessly

Auditing Cashless Transactions

Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments. And you may be wondering: How does the acceptance of these types of transactions affect the auditing of your financial statements? Cashless transactions require the exchange of digital information to facilitate payments. Instead of focusing […]

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Interim report concept, 3D rendering

It’s Time for Business Midyear Checkup!

Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or […]

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“Creative” Accounting – Warning Signs of Earnings “Spin”

Management wants to paint the rosiest possible picture of a company’s financial performance and may look to “creative” accounting. But aggressive earnings management, or “spin,” can mislead investors and lenders. Here are some ways U.S. Generally Accepted Accounting Principles (GAAP) can be manipulated to obscure the truth. Creative accounting vs. cooking the books Earnings management […]

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brown records storage box with files inside

Spring Cleaning Basics for Your Business Financial Records

Yesterday’s blog post highlighted tips for personal financial records retention. The record-retention guidelines are slightly different for businesses. Here are the basics to get you started. Employee records. Keep personnel records for three years after an employee has been terminated. Also maintain records that support employee earnings for at least four years. This timeframe should […]

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