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Control, Communication and Confidence: A Former Marine’s Journey as a Paro Expert

For Charlie O., a contract CFO and owner of OSMEAC Solutions, transitioning from working in the corporate world to working for himself boiled down to regaining control. He’d had enough of the 80-hour work weeks that kept him from spending time with his family. Enough of routine work that did not inspire him. Working as an expert with Paro has been the winning formula to achieve the life and career he wanted.

7 Tax Minimization Strategies for Businesses in 2021

Some tax minimization strategies ring true every year. Others need special attention because of their unique timing and circumstance. Programs expire, get extended or have their rules changed mid-stream. These opportunities are sometimes complex, but taking time and effort to understand and potentially integrate them into your business strategy is often worth it.

Goodwill Impairment: Updated Standard Offers Reporting Relief

Recording goodwill impairment just got easier. With an unprecedented number of businesses negatively impacted by the COVID-19 pandemic, the Financial Accounting Standards Board (FASB), approved Accounting Standards Update 2021-03 (ASU) in March 2021 to help businesses get their financial statements in sync with their current economic condition. Any private company or non-profit that shows a higher value on their books than what they could get by selling the business today needs to evaluate whether they can—and if they should—take advantage of this new accounting option. 

Introduction to the Accounting Cycle

The accounting cycle is a system of recording, processing, summarizing and communicating all financial transactions in a consistent way. It starts when a transaction occurs, and ends with its representation on financial statements. Once the cycle concludes, steps are taken to begin the next accounting cycle. This signals the start of the next fiscal period.

Can Midsize Businesses Gain Value from an Outsourced CFO?

The term “outsource” used to be associated with repetitive, low-skilled tasks. But as new technologies have made remote work possible, an industry of outsourced white-collar professionals has arisen.  Now, many larger companies are outsourcing professional services, including executive leadership like CFOs.

Master Sales Tax Nexus Complexities and Ensure Compliance

No recent Supreme Court ruling has rocked the business world as much as the Wayfair decision that introduced sales tax nexus. The narrow 5:4 verdict on South Dakota v. Wayfair, Inc, et al opened a floodgate of responsibilities for businesses to collect and remit taxes on goods sold in far off states and localities despite having no physical presence there.
Small and mid-size businesses continue to struggle to make sense of, and comply with, their obligations for sales tax collection, filing and remittance.

Scenario Analysis vs. Sensitivity Analysis: Why You Need Both

Financial analysts determine when to use scenario analysis vs. sensitivity analysis to predict future results. In turn, business leaders can determine the impact of certain business decisions. Both analyses help companies gain a better understanding of their potential outcomes. Ultimately, both scenario and sensitivity analysis help companies forecast more accurately and reduce risk.