What The Fiscal Year-end Means For Your Business

The fiscal year-end is the conclusion of a 12-month accounting cycle. A fiscal year can be the same as a calendar year, from January to December, or it can begin and end at any time, based on the company’s needs. All public companies are required to publish financial statements at the end of their fiscal [...]

By |2018-06-22T07:46:00+00:00June 22nd, 2018|Blog|0 Comments

What the “GAAP” Does

If a company releases its financial statements to the public, it is required to follow Generally Accepted Accounting Principles, called GAAP, in the preparation of those statements. “GAAP” consists of three important sets of rules: Basic accounting principles and guidelines. Detailed rules and standards issued by the Financial Accounting Standards Board (FASB) and its predecessor [...]

By |2018-03-15T15:04:48+00:00January 29th, 2017|Blog, News|0 Comments

Basic Principles of Accounting

These basic principles form the basis which modern accounting is based. The best-known of these principles are as follows: The Accrual Principle: The concept that accounting transactions should be recorded in the periods when they actually occur; Ignoring this principle would cause delays in payments. […]

By |2018-03-15T15:13:50+00:00January 14th, 2017|Blog, News|0 Comments
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