Five steps to adopt the new revenue recognition standard The new revenue recognition standard is here, and the time to implement those standards is now. As we discussed in our previous post, the standard set forth in IFRS 15 and FASB Topic 606 applies to almost all public and private companies and involves a whole […] Read more “The New Revenue Recognition Standard, Part II: The Five Steps”
Author: Staff
Time to implement IFRS 15 and FASB ASC 606 Revenue Recognition Standards The time has come. Four years after the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their converged guidance on recognizing revenue in contracts with customers, companies need to put pen to paper and implement the new revenue […] Read more “The New Revenue Recognition Standard, Part I: Why, What, and When”
How are you doing today? How about this week, this month, or this quarter? When it comes to your early stage business, knowing how your company is doing in several distinct respects is essential for the survival, profitability, and growth of your company. Key performance indicators (KPIs) are the vital signs that measure the health […] Read more “5 Key Performance Indicators for Start-Ups”
The Rolling Stones famously told people to get off of their cloud. The City of Chicago, on the other hand, is perfectly happy for your business to be on the cloud. But you’ll need to pay taxes to the city for the privilege of doing so. Chicago’s so-called “cloud tax” set off howls of opposition […] Read more “The Chicago “Cloud Tax”: What Startups Need to Know”
Learn all the tax ramifications of buying, selling, and trading cryptocurrencies What is Bitcoin? Is it currency? Is it a commodity? Is it a passing fad doomed for a crash or a permanent sea change in investment and commerce? Only the future will determine the answer to that latter question, but how cryptocurrencies like Bitcoin, […] Read more “Bitcoin and Your Taxes: The IRS Wants Its Cut”
Every few years it seems, a new technological innovation emerges which promises to revolutionize the way businesses operate. What is now familiar and fundamental — email, cloud computing and storage, collaborative project management platforms – were once alien and often intimidating before they were universally adopted. Today, the revolution turns to “blockchain.” You may have […] Read more “Blockchain: What is It? Why Should You Care?”
Remember the good ol’ days, like 2016, when the focus on alternative funding for start-ups was on the revolutionary avenues of crowdfunding and peer-to-peer lending? Well, 2017 saw the rise of yet another way early-stage companies can get the capital they need to grow and thrive. The Initial Coin Offering (ICO), through which companies use […] Read more “3 Questions About Start-Up Funding Through Initial Coin Offerings (ICOs)”
If you don’t think hacking and other cyber-threats pose a huge risk for small businesses, think about this: a polarized Congress seemingly unable to agree on anything actually passed a bipartisan bill about it. As reported in The Hill, the Senate approved legislation in late September which would require the federal government to offer more […] Read more “5 Critical Cyber-Security Steps Your Small Business Can Take Immediately”
Is hiring a part-time CFO or accounting freelancer a viable option for your business? Entrepreneurs by nature are overachievers. They believe in what they are doing and believe that they can do it all. But the reality is that once an early stage company gets some traction, all the entrepreneurial spirit, talent, and energy drinks […] Read more “5 Reasons to Outsource Your Start-Up’s Finance & Accounting Teams”
What you need to know about the Amazon FBA and Ecommerce Sales Tax Amnesty Program Many Illinois businesses that sell goods online also use third-party facilitators in far-flung states to help fulfill orders. While positioning and distributing inventory around the country certainly brings efficiencies such as reduced shipping costs, it can also create a “nexus” […] Read more “Online Sellers: Act Fast to Take Advantage of Sales Tax Amnesty Program”
If you’re an entrepreneur or a start-up founder, no matter what industry or field you are in, you are also a salesperson. You are selling investors on your idea and you are selling potential partners and c-suite colleagues on your vision. Let’s face it, sales is important for any startup. You may also be the […] Read more “4 Tips for Building a Powerful Start-Up Sales Team”