Starting next year, public companies will be required to report operating leases as liabilities. Under this new rule by the Financial Accounting Standard Board, companies will be required to add to their books the debt-like obligations they incur to lease real estate, office equipment, airplanes, and more. The Wall Street Journal estimates $3.3 trillion in…
A full financial audit of the Pentagon was conducted and the results showed a failing grade. Auditors requested that various financial irregularities be addressed. Since the release of the audit results in November 2018, the press has been buzzing about the U.S. military’s assets, which are valued at $2.7 trillion. Over 600 locations were visited…
Artificial intelligence (AI) and automation are making their way to accounting, just as they are permeating all other industries. AI is getting stronger and smarter as technology evolves, becoming not just an automator but also a smart technology that can learn and draw conclusions in real time. As AI continues to advance, many fear it….
As the highly regulated cannabis industry grows, a call for strong, skilled, and experienced financial professionals is growing with it. But, many big accounting firms are still shying away from the industry as it presents unfamiliarity and risk. For the right professional, the cannabis space is booming with opportunity. What’s complicated about cannabis Compliance is…
Bots are a tool that makes it easy to engage with clients, leverage your brand, and quickly address client concerns at speeds and quantities that would be impossible for humans alone. Some bots–chatbots–communicate with users through an instant messaging platform, but bots can perform a number of functions, including robotic bookkeeping. Bots are yet another…
The insurance industry is a heavily regulated industry that requires assurance and compliance that only the best accounting software companies can provide. If you work in the insurance industry, you should be well-versed in the unique struggles you face–and you should seek insurance accounting software that helps you do your job better. Here are five…
Service Organization Control (SOC) compliance has been a buzzword in the finance space since SOC reports were first introduced in 2011. There are currently three types of SOC reports: SOC 1, SOC 2, and SOC 3. SOC 1 reports deal with financial transactions. SOC 2 reports deal with technology and cloud computing entities, and will…
A general ledger (GL) is a master document that provides a record of your business’s financial transactions. A strong GL is important in the banking industry, but all too often it is not prioritized and is thus left as an afterthought. Your GL is the backbone of your accounting processes. Ideally, your GL should integrate…
A debate about the frequency in which public companies should be legally responsible for providing financial reports has been sparked by a recent tweet made by President Donald Trump. In mid-August, the president tweeted a proposal to reduce the frequency that public companies must provide financial reports. Currently these reports are legally required quarterly, a…
Are robots posed to take accounting jobs? No, not exactly. But kind of. Science fiction would have you believe that the human race is on track to be replaced by robots in the near future, but while advances in technology are increasing artificial intelligence (AI) and automation, the likelihood of robotic replacement is slim. There…
Check out Flexi at this years Symitar Annual Conference. We’ll be at booth 913 so if you want to stop by and say hello we’ll be here! In the meantime, if your curious as to why Flexi is used by thousands of companies for over thirty years, look no further than the fact that our…
New accounting rules as of December are changing how companies account for revenue from services and sales. These changes were in the works for over a decade and situate the U.S. closer to international guidelines. For multi-entity and especially international companies, these changes can only benefit the bottom line and simplify accounting processes. The new…