633 Route 211 East Middletown, NY 10941

3 Neptune Road Poughkeepsie, NY 12601

}

Mon – Sat 8:00 – 18:00
Sun – Closed

Call Us Today!
(877) 740-9500

How to Audit WIP (Work-In-Progress)

How to Audit WIP (Work-In-Progress)

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is...
Follow the Cutoff Rules for Revenue and Expenses

Follow the Cutoff Rules for Revenue and Expenses

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be tempted to show earnings or reduce...
Accounting Methods: Private Companies Have Options

Accounting Methods: Private Companies Have Options

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial...
Accounting Estimates Present Challenges in Times of Uncertainty

Accounting Estimates Present Challenges in Times of Uncertainty

In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue, how federal stimulus spending will affect...