COVID-19 has presented various challenges for professional services firms in 2020, unlike anyone could have foreseen. We understand the professional services industry since we are part of it ourselves.
Approximately 40% of small businesses use outsourcing to handle at least one of their business process. And accounting makes up 37% of all outsourced jobs.
Many businesses have transitioned to working from home over the past several months. Adapting to a new normal means adopting remote work technologies. QuickBooks is a platform designed to help business owners gain essential insights into their business’s performance to help them grow.
Whether it is working from home, virtual school, or curbside pickup at your favorite restaurant, 2020 has had no shortages of changes and required adaptations. Accounting in 2020 is not exempt from these changes.
Cost accounting aims to capture a company’s total production cost by assessing the variable costs of each step of production. It is a process of gathering, examining, summarizing, and evaluating various alternative courses of action.
On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, bringing relief for both for-profit and nonprofit entities. The standard allows entities who have not yet issued their financial statements to DELAY the implementation of ASU 2014-09, Revenue Recognition from Contracts with Customers (ASC 606).