Even if managers aren’t actively filling out financial information, it’s important that they have a firm grasp on rules and standards for filling out financial information. Also, understanding financial information itself is critical for managers to make informed decisions. In this post, we will discuss the Sarbanes-Oxley Act and its implications on businesses and managers.
In recent years, many financial scandals have come to light in the media. Companies such as Enron, WorldCom, and AIG have experienced significant scandals due to unethical and sometimes illegal accounting practices. It is important for companies to prepare financial statements correctly and legally to avoid punishment, but also to have an honest relationship with
There are two types of accounting: accrual and cash. It’s important for a small business to understand the two systems in order to select the correct accounting methods. In this post, we will discuss the differences between cash basis and accrual basis accounting. Accrual basis accounting means that companies record
“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin Taxes. That horrible chore that makes it on our to-do list every year. Even for those who are expected to receive a large return, the task can seem daunting. Forms, filing, 1040’s. Most of us just take the