Kim Anselmo – Monday, June 20, 2016
The new ASC 606 and IFRS 15 revenue management guidelines will have a major impact on public companies in 2018 and private companies in 2019.
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The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) will require companies to reallocate revenue each time a customer contract changes and defer expense recognition to align with the contract's delivery.
As a result, contract add-ons and renewals must be integrated into a single contract and will trigger re-allocations across both past and future periods, causing continuous revisions to revenue allocations and expense alignment.
Kim Anselmo – Friday, June 03, 2016
This is the first post in our blog series: Best Practices for Selecting Nonprofit Accounting Software
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Having easy access to mission-critical financial information is key to the growth for nonprofits, especially if you are expanding your services, opening new locations and winning more grants.
However, too many nonprofit business decisions are made with educated guesses from a patchwork of financial data drawn from your accounting software combined with spreadsheets, email and hardcopy reports. This time-consuming and error-prone process of consolidating even basic accounting data is a symptom of legacy accounting software.