Like many others, the professional services industry is walking a tightrope to manage cash flow and maintain their workforce. Benchmarking can be a crucial tool right now during the pandemic and as 2020 comes to a close.
In 2022, the Association of Certified Fraud Examiners (ACFE) published its Report to the Nations, a global study on occupational fraud. The ACFE surveyed 7,890 examiners and reported that internal fraud drains more than $3.8 billion annually from global businesses
n industry is growing steadily, and changes come quickly and unexpectedly. Therefore, it is crucial to have a good understanding of your business’s financial standing and maintain sound accounting systems.
The IRS has been busy. In the past two years, the agency has processed trillions of dollars in pandemic relief funds, adjusted to often-changing tax deadlines, and dealt with several complex new tax laws. At the same time, funding was 20 percent lower than in 2010. Understaffed is the understatement of the century.
Your business is growing, and so is your 401k plan. But when a plan reaches a specific size, it must be audited by an independent accounting firm.
The main goal of ASC 606 was to create a similar revenue recognition policy and calculation across all industries. The construction industry, which has historically had its own guidance and industry practices, is no exception.