Since the principles of modern accounting were first established early in the 20th century, the record-to-report model has been the dominant accounting process. This approach manages the accounting cycle as a repeatable, end-to-end process that includes all steps starting with the booking of transactions and going all the way through...
Most Los Angeles and Southern California business owners and entrepreneurs are familiar with the concepts of cost and financial accounting. These form the basis of the financial operations for practically any business, regardless of its size. However, there are limitations to the overall usefulness of cost and financial accounting...
The CEOs and executives of Los Angeles and Southern California businesses need accurate financial information in order to make correct decisions that will lead to successful operations. One of the main tools they rely on to receive the accurate and timely financial information they need is financial statements. A complete...
For years, there has been an ongoing debate in the accounting community regarding to what degree the complex requirements of generally accepted accounting principles (or GAAP) apply to small and non-public companies. U.S. GAAP was created primarily for publically held companies that have to meet strict regulatory reporting requirements....
There are two main types of financial reporting conducted by Los Angeles and Southern California businesses: historical reporting, which looks back at past financial performance, and predictive reporting, which proactively looks ahead to future financial performance. While the vast majority of businesses concentrate most of their efforts on historical reporting,...
Have your Los Angeles and Southern California small business clients ever asked you for help in managing their finances? Such a request is not uncommon for professionals in your position. When making such requests of bankers, investors and financiers, small business owners and executives often share their financial statements...
In contemporary Western society we are all familiar with the 12-month, 365-day year. This system, known as the Gregorian calendar, was established in 1582 by Pope Gregory XIII to coincide with Earth’s orbit around the Sun. However, while suitable for astronomical purposes, this system is not always best-suited to managing...
Generally Accepted Accounting Principles, or GAAP, is considered to be the standard for financial accounting in the U.S. GAAP is used to guide accountants through the business of recording, summarizing, and preparing financial statements. One of the most hotly contested issues over the past three decades regarding the development and application...
For the purposes of maintaining control over internal accounts and safeguarding long-term accounting consistency, it is integral to create efficient period-end closing procedures. Though these systems can be complex, a well-planned set of internal controls can make the period-end closing procedures more manageable as well as ensure a desirable...