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By ASL Guest
•
February 3, 2020

Planning for the Unexpected

By Patrick Ngai, CPA, Audit Manager

Proactive and careful planning is an essential part of managing a successful Silicon Valley business. Executives often spend the closing months of the year engaged in a comprehensive analysis of business performance and identifying future goals and benchmarks. Typically, this process includes a close look at sales numbers, account management, production timelines, new service/product innovation and budgeting. In addition, time is spent reviewing department performance, conducting individual employee reviews and determining whether it is time to bring additional resources to the table. While all of these are necessary tasks to maintain the vitality of a business, it is important to also dedicate time to planning for the unexpected. Businesses in California need to operate against the backdrop of natural disasters such as earthquakes and wildfires. For this reason, it is imperative to have a disaster recovery plan in place should the unexpected occur. Below is a summary of key planning issues to consider. (more…)

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Categories: The Musings of our Authors
Tags: Cyber security, Disaster recovery planning, Insurance protection, Natural disasters, Patrick Ngai,
By ASL Guest
•
December 16, 2019

2019 Technology Round Up

By Patrick Ngai, CPA, Audit Manager

Here we are, well into the month of December 2019.  It seems like almost yesterday when I wrote the article, Top Tech Trends in 2018.  As they say, time waits for absolutely nobody.  As we prepare to say goodbye to the 2010s as a decade, I would like to take a minute to summarize five technology trends from the past twelve months. (more…)

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Categories: The Musings of our Authors
Tags: Facial recognition, IoT devices, Patrick Ngai, Security breaches, Technology trends, WeWork,
By Deepa Bhat
•
November 20, 2019

Getting Ready for an External Audit? Five Tips to Make the Process Easier on You and Your Auditor

Companies often need financial audits when they seek additional funds or have to satisfy the requirements of owners, creditors, investors and other outside parties who want a higher level of comfort on the accuracy of financial statements.

My experience auditing privately held companies has taught me that a few proactive measures can go a long way in avoiding audit delays, keeping you and your auditor on track, and ensuring a smoother audit process for all. So, let’s jump right into those tips, shall we? (more…)

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Categories: Audit & Accounting Errors, Myths & Guidelines, The Musings of our Authors
Tags: Business processes, Deepa Bhat, External audit, Financial audits,
By Kay Filler
•
October 21, 2019

Another Lease Accounting Deferral – and More!

It’s all but official. On October 16th, the FASB voted to approve delays for private companies on three new accounting standards, one of which is Leases. The expected Accounting Standards Update (ASU), on which FASB voting will be the official action to implement the deferrals, is expected in November. By the way, the other two standards deferred under this vote are “credit losses” (or CECL) and “hedging”. As the effective date draws closer, we will certainly be posting about CECL, since some aspects apply to all companies. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Accounting Standards, Accounting Update, FASB, Lease Accounting,
By Kay Filler
•
September 19, 2019

To Outsource or Not? That Is the Question

Outsourcing can cover a myriad of business activities, but those most frequently considered are the back-office functions of accounting, IT and Human Resources/Recruiting, especially at micro to mid-sized companies. A quick study of Deloitte’s “Global Outsourcing Survey” for 2016 and 2018 demonstrates the maturation of outsourcing strategy. While these surveys include mostly very large participant companies, it is clear that outsourcing is now seen as a vehicle for significant strategic advantage by “buying” available capabilities to realize advantages faster than developing strategic “assets”. (more…)

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Categories: The Musings of our Authors
Tags: Artificial Intelligence, Outsourcing, Robotic Process Automation, Silicon Valley labor market,
By Kay Filler
•
September 3, 2019

AI in Accounting – Embracing a Brave New World!

Well…it’s all but HERE! For those of you who were hoping it wouldn’t come, it is best to switch gears and consider how to best harness the change to your advantage. The alternative is to risk being left behind in a world where accountants become less known for routine detailed tasks and are more often thought of as insightful, intuitive and forward-thinking strategic assets.

Sound like hyperbole? Read on… (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Artificial Intelligence, Machine Learning, Natural Language Processing,
By Kay Filler
•
August 15, 2019

More About Leases (Some Good News!)

Challenges in keeping up with GAAP have never been greater, with pervasive changes in revenue recognition requirements set to hit most private companies this year, to be closely followed next year by getting most leases on the balance sheet for the first time. These confusing standards, along with the usual host of less widespread financial reporting changes, are daunting (to say the least). (more…)

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Categories: Revenue Recognition, The Musings of our Authors, Updates & Alerts
Tags: Accounting Standards Update, GAAP, Leasing Standard, Revenue Recognition,
By Abraham Livchitz
•
July 24, 2019

California Competes Tax Credit – 2019 Update

The state’s popular California Competes Tax Credit program continues to be available during the 2019-2020 fiscal year. The state has allocated approximately $237 million to be awarded to both small and large business taxpayers. In June, the final award period of last fiscal year, approximately $55 million of tax credits were granted to twenty taxpayers. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Abe Livchitz, California Competes Tax Credit, Expanding operations in California, Tax Credit,
By Deepa Bhat
•
March 13, 2019

How Not to Fall Prey to These Common Fraud Schemes

Not too long ago, the Association of Certified Fraud Examiners (ACFE) released their Report to the Nations, a publication on worldwide occupational fraud based on real life fraud cases and it was certainly a telling study in fraud. As an auditor for private companies, it hit very close to home to learn that the median loss experienced by companies with fewer than 100 employees was $200,000! And nearly half of these fraud cases were the result of a lack of internal controls. (more…)

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Categories: The Musings of our Authors, Updates & Alerts
Tags: Anti-Fraud Controls, Deepa Bhat, Fraud Schemes, Occupational Fraud,
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