These proceeds are generally not considered taxable income, as they represent a loan against the receivables rather than a sale. However, any gain or loss recognized on the sale of receivables, particularly in non-recourse factoring, must be reported for tax purposes. This requires businesses to maintain detailed records of the carrying amounts of receivables and...Read More
Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses...Read More
And if you are trying to get a business loan, you’ll need clear and easy-to-read financials so that potential investors can make an informed decision about investing in your vision. On the flipside, if you get your accounting set up properly from the start, you’ll set your new company up for success. You’ll be able...Read More
We will provide real-world examples of actuarial gains and losses and their impact on organizations and cover the current trends and future outlook. When companies adjust for actuarial gains or losses, they must amortize increases or decreases over time such that new changes align with the expected pension payments for current recipients. The disclosure of...Read More
To avoid these issues, prioritize relationships with outsourced controller service providers who call out responsiveness as a key element of their client service philosophy. It’s true that many large companies outsource portions of their operations, although accounting is typically one of the areas that tends to be handled by internal teams. But the fact that...Read More
It’s essential to take a customized approach and carefully consider the specific needs and goals of your business. You may need to review and revisit your original classifications as market conditions and inventory change. You should consider factors such as changes in sales per class, consumer trends and new industry competitors. You can make sure...Read More
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