Two percent doesn’t sound like much but, when properly applied, can make a world of difference. A two percent solution of salicylic acid, for instance, will clear up blemishes and result in smoother looking skin. Interesting. But did you know that a two percent change...
You’ve developed a patentable idea and want to commercialize it. To do so, you’ll need someone to help with finance and management. So, you approach your close friend, “Bob.” You’ve known Bob for years, since college in fact; he’s a great guy who has the requisite...
A reader of my recent, year-end closing blogs asked me to write about surprises I have found when helping clients close their fiscal years. There are many. This particular blog is a tale of old adjusting entries, the unfinished, the unseen, and the unforgiveable. The...
My December blogs focused on classic, year-end closing tasks. Collecting receivables, reconciling accounts, paying year-end bonuses. All very important, but it’s already the new year and there is still work to do. I won’t remind you to prepare annual budgets, issue...
My earlier blogs on this subject covered steps to be taken prior to year-end. With those tasks completed, it’s time to dive into the real year-end closing work. Namely, account reconciliations. Reconciling an account is an accounting process used to make sure that the...
Now that you’ve read my previous blog and gathered necessary information, it’s time to begin the year-end closing work itself. It’s not a particularly difficult undertaking but, especially if you’ve been slack in your monthly closings, it can be time consuming. Begin...
