Practicum Accounting
Are your accounting methods holding back your business?
This article by Mendelsohn (2016) focuses on the increasing irrelevance of Generally Accepted Accounting Principles (GAAP). According to the author, GAAP accounting standards have lost relevance over the last four decades in large part due to the evolution of business models. Today, business models are substantially driven by intangible assets such as brands, intellectual property, and information systems as opposed to physical assets. Under the conventional accounting system, these assets reported as regular expenses, often leading to the misstatement of assets and earnings. Firms like Amazon and Tesla are ideal examples of how GAAP standards do not accurately reflect intangible assets.
8 accounting to-dos for your end-of-the-year checklist
In this article, Morantes (2016) reiterates the importance of having an adequately staffed accounting department. Using the example of the city of Spoken, Washington, which experienced severe accounting problems in 2014 due to an understaffed accounting department, Morantes argues that a well staffed accounting department is a priority for any business organization. Adequate accounting staff is crucial for ensuring proper double-checking of internal operations, full payroll compliance, timely collection of receivables, full adherence to the relevant accounting standards, and accurate...
References
Burdick, M. (2017, August 17). The accounting industry death is great news for your business. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/298649
Edwards, S. (2016, September 23). 5 trends driving disruption in the accounting industry. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/281931
Entrepreneur Staff. (n.d.). Accrual accounting. Entrepreneur. Retrieved from https://www.entrepreneur.com/encyclopedia/accrual-accounting
Mendelsohn, S. (2016, September 7). Are your accounting methods holding back your business? Inc. Retrieved from https://www.inc.com/steve-mendelsohn/are-your-accounting-methods-holding-back-your-business.html?cid=search
Morantes, G. (2016, December 20). 8 accounting to-dos for your end-of-the-year checklist. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/286807
Peacock, K. (2017, August 2017). Getting the most from your accountant means more than just doing your taxes. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/279588
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