2016-12-02 00:00:00 Accounting & Bookkeeping English Is your business expanding? Contemplate and evaluate these questions to make sure your accounting practices are up to date. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/growing-ice-cream-business-employee-makes-delivery.jpg https://quickbooks.intuit.com/ca/resources/finance-accounting/accounting-tips-reassess-your-accounting-methods-as-your-business-grows/ Accounting Tips: Reassess Your Accounting Methods as Your Business Grows

Accounting Tips: Reassess Your Accounting Methods as Your Business Grows

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As your business grows, assess your accounting policies and procedures. Do you have sufficient space for documentation retention? Is a review sufficient, or should you seek an external audit? Is maintaining inventory on a spreadsheet as beneficial as in enterprise resource processing software? Are you capitalizing assets, and are your depreciation periods appropriate?

Are your materiality thresholds outdated? Should your income statement begin breaking out specific expense line items instead of aggregating costs? Do you have sufficient reserves regarding cash balances, and is your estimated bad debt account reflective of your higher business? These types of questions should be evaluated periodically as your company expands.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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