General Article Archives - Page 32
Best Practices: 10 Lessons Learned in Implementing New Rev Rec Guidance
The rules governing revenue recognition for public and private companies worldwide are changing dramatically starting Jan. 1, 2018. And several recent surveys show that most companies are unprepared. If you have not yet completed your implementation of the new standard — either ASC 606 or IFRS 15 — the following 10 lessons we have learned may help you get a jump start and utilize best practices that RGP, a finance and ...
Read MoreBest Practices: 10 Competencies of Top Staff Accountants
Distinguishing yourself as a top staff accountant can lead to many rewards: more responsibilities, higher job satisfaction, promotions, and higher pay. But making your mark involves more than debits and credits. Here are 10 qualities that top staff accountants must master to set themselves apart. Accuracy. Details matter, and there is no room for error in accounting. Staff accountants must become experts at self-review by coming back to their ...
Read MoreContractor or Employee?
Your business is booming. You need to hire help. But should your new hire be an employee or an independent contractor? Many businesses prefer to classify workers as independent contractors so they don't have to pay payroll taxes, provide benefits or be subject to labor laws such as overtime pay. Some workers, too, want to be classified as independent contractors so they don’t have payroll taxes deducted from each check (though they are ...
Read MoreBusiness Succession Planning
Many business leaders expect to someday pass on the leadership of their companies to their subordinates. This change in leadership is a common strategy to maintain the continuity and direction of the organization. But every business leader faces roadblocks that threaten to thwart his or her plans. 1. Waiting too long to start planning In a national survey, of manufacturing and distribution companies, we asked business leaders how prepared they ...
Read MoreDisaster Recovery
Too many companies aren’t prepared to handle a disaster or business continuity event. Rather than putting it off indefinitely, companies need to make an effort to get a disaster recovery plan in place. The list below offers a series of steps that can be taken to reinforce the ability to bounce back from anything that may become a disaster – whether it’s a broken water pipe or a full-blown natural disaster. 1. Protect ...
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