Healthcare accounting is complex, and there is a major disruption in the industry right now. As healthcare finance experts wrestle with value-based payments, fee for service models, price transparency, and more, the waters are muddied further by insurance companies, Medicare/Medicaid, and the sheer number of patients (44 million Americans) that are currently uninsured. Healthcare Accounting…
Earlier this year, companies are required to record operating leases, such as equipment, office space, planes, and cars. It’s estimated that this new rule will pull up to $3 trillion into the spotlight, expenses that were previously often buried in footnotes rather than recorded on balance sheets. Up to this point, companies were only mandated…
White label accounting software is an excellent choice for startups and small to midsize businesses. Small business owners report spending, on average, over 80 hours a year on business accounting, and the time spent can quickly spin out of control when dealing with complex accounting issues. Fortunately, outsourcing to a white label accounting software partner…
Cloud accounting software is making big waves in the accounting sphere. Cloud software is not only cost-effective and highly accessible, but it’s making data as accessible as ever. Cloud software can be accessed from any device with an internet connection, at any time of day, by any user. Gone are the days of installing costly…
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…