When profit is your business priority, it pays to stay current. Reduce your tax obligations for the 2022 calendar year with these tax minimization strategies.
Author: Amy Thomann
Paro’s finance talent is among the top 2% of vetted professional applicants. They pass a rigorous series of reviews to ensure expertise.
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.
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.
When navigating a leadership transition or a special event that requires niche expertise, an interim CFO can provide continuity for your business.
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.
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.
Sales tax nexus can be challenging, so learn the basics and how to comply with your business obligations for sales tax collection, filing & remittance.
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.
As a business owner, you probably are already aware of cash basis vs. accrual basis accounting. Here, we’ll explain the differences between them and help you decide which one is right for your business. Finally, we’ll show you how to switch from one to the other.