They were better prepared because they had worked to adopt continuous accounting processes. Continuous accounting isn’t a technology, it’s a process enabled by automating routine accounting tasks as well as the ones that require complex calculations – like depreciation or amortisation. The close cycle becomes nearly continuous because of automated reconciliation tools between AP sub-ledgers and the general ledger, automated consolidation and intercompany transfers with eliminations, as well as the automated generation of financial statements. Technology is used to process and post transactions in real time.
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Working in 2020 has been anything but business as usual. Since the spring, regular business processes and workflows have been upended as a global workforce has been forced to operate from home and the demand for remote solutions has skyrocketed.
With advanced technical skills and knowledge, professionals in the tech industry may have an easier time than others when adjusting to the logistics of remote work. However, they may still feel the lack of synergy from working side-by-side with their colleagues.
Last week, the Hospice of Michigan (HOM) recognized the contributions of the MICPA to their organization in a pinning ceremony meant to commemorate the long-standing relationship between both organizations. The HOM is the most experienced provider of hospice care in Michigan, currently serving around 4,700 patients annually in 46 counties. With roots dating back to the 1970s, HOM is the largest in our state, and among the largest recognized 501c3 non-profit advanced illness management organizations in the nation.
Life Insurance is a proactive and cost-effective way to protect your family and your finances. It helps ensure your short and long-term financial obligations could be met if something unforeseen happens to you. When Helen lost her mom, she learned a valuable lesson that she’s paying forward to her boys.
Those familiar with Moore’s Law know that the expectation of technology is that it will continue to become more sophisticated and simultaneously more affordable. In our personal and professional lives, technology advances at a pace that is at once staggering and subtle so that when tech prophets claim the next big thing is coming, we tend to poo-ha-ha the predicted consequences.
Almost from the moment American businesses began considering reopening amid the ongoing COVID-19 pandemic, legal liability has been among their chief concerns. According to the New York Times, the struggle regarding liability legislation revolves around finding a balance between allowing businesses the confidence they need to ensure they will not become the focus of overzealous lawsuits from employees and customers that may become infected while also ensuring that businesses that don’t take adequate steps to keep their workers and customers safe can still be held accountable1.
Researchers predict that COVID-19 will continue to cause mayhem and distress for years to come. Intermittent lockdowns and panic-buying will simply become a part of daily life. And, if a vaccine is finally approved, international deal-making will probably get in the way.
FASB issued rules amendments Thursday to clarify an entity’s accounting responsibilities related to callable debt securities.
COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.