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New Lease Accounting Standards – Are You Prepared?
As early as June 2011, the newly proposed lease accounting standards distributed back in August of 2010 may be finalized. These new standards proposed by the Financial Account Standards Board (FASB) would fundamentally change how companies account for real estate and equipment leasing transactions. And according to a recent Deloitte survey, only 7% of business executives believe they are prepared…Read More -
The Business of Moving Forward
While CFO’s and other heads of companies still remain cautious, they have reason to be optimistic moving forward with business in 2011. At the beginning of February, Duke University and CFO Magazine published their Global Business Outlook Survey, which shows nearly 50% of CFO’s have a more positive outlook on the U. S. economy than they did last quarter. Not…Read More -
Tips for Negotiating with the Bank
Many small business owners are receiving an unpleasant surprise when seeking out loans – banks are charging higher interests rates, despite great credit. Here are a few ways to make sure you don’t receive the same shock when you go in to discuss the terms of your next business loan. With the economy improving, some businesses are finally deciding to…Read More -
Your Company Just Sold, Now What?
Picture it: Company A is a family-owned, entrepreneurial business that is for sale. Private equity or venture capital firm B decides to make the investment. You are the family-owned business CFO or the new CFO the investor has brought in to run the ongoing venture) The seller’s business has never been audited, does not have a control environment, its systems cannot…Read More -
The Benefits of an Audit
You don’t usually associate the word “audit” with any happy thoughts, but it’s all about who is performing the audit. Many small businesses can actually benefit from an audit by a CPA – banks like seeing an audit on loan applications, audited companies tend to save more by having lower interest rates – but the costs can be prohibitive, and…Read More -
Setting You Straight for 2011 Taxes
Keeping tax details straight is tough, for individuals and for companies. But the most important thing to remember is to be prepared. It’s been reported that after 2012, many provisions are set to change back to where they were even before 2001. And last year’s 11th-hour tax changes, while favorable by most, are only temporary, meaning rates are set to…Read More -
Looking Forward To Our Next Year
As we usher in 2011 and all the promise the new year brings, Fahrenheit Finance also celebrates a birthday. We’re happy to report a great first year and we appreciate the support from our clients and consultants. As we prepare for another year of growth, we’re planning to build on our many successes in 2010 to help you reach your…Read More -
Part II: Benefits of Pilot Groups for Testing Purchasing Card Programs
When we first looked at Part I: Benefits of a Purchasing Card Program, we discussed the first steps companies should take in making the decision to implement a PCP into their B2B daily activities. Besides saving money on processing costs, capitalizing on rebates, and minimizing fraud risk and exposure, PCPs bring automated convenience, security and efficiency to laborious, paper-based processes. Once…Read More -
Bridging the Employee Engagement Gap
Doing more with less. It’s the motto not only for our personal life these days, but it seems for businesses as well. The economic recession put many companies in the position of having to ask both top management and employees to pick up the slack and share extra responsibilities to keep the company on track. Unfortunately, an extended period of…Read More -
Keep Moving Ahead with Fahrenheit
The recession has given way to a more optimistic outlook in some industries, especially those that play key roles in the recovery process. Finance and technology are two sectors that have seen resurgences, with each having a marked improvement in hiring over this time last year. Here at Fahrenheit, we’ve seen more of a demand for services around these industries…Read More -
New SEC International Finance Reporting Standards
We know a little more about what criteria will be used to help the SEC decide about the role of International Finance Reporting Standards (IFRS) into the financial reporting system in 2011, thanks to a recent report that outlined progress toward establishing global accounting standards. The progress report sheds light on the role of the national standard setter in various…Read More -
FASB Says One for All; CFOs Say All for None
The Financial Accounting Standards Board (FASB) is proposing a new “one size fits all” approach to revenue-recognition rules for companies, regardless of industry. This means that companies like Ford Motor Company, Apple and Caterpillar, which at the moment have nothing in common, could face challenging accounting hurdles trying to meet all-encompassing reporting rules, in the near future. Getting rid of…Read More