19 March

Accounting Standard Update on an Entity’s Ability to Continue as a Going Concern

In August of 2014, the Public Company Accounting Oversight Board (PCAOB) released Accounting Standard Update (ASU) No. 2014-15 “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This update transfers some of the burden of going-concern evaluation from auditors to entity management.

Currently, under Generally Accepted Accounting Principles (GAAP), continuation of a reporting entity as a going concern is presumed unless the entity’s liquidation becomes imminent. GAAP and federal securities law require that an auditor evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements being audited. There is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance.

So, what has changed? When preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.

25 February

Adaptive Live 2015 Early Bird Deadline Almost Here!

Adaptive Live 2015 - LogoThis is the last week to secure early bird pricing at Adaptive Live 2015! Be sure to register by this Friday, February 27th to reserve your spot.

Whether you have attended in the past or you are a first-time attendee, Adaptive Live is a great opportunity to gain valuable insights into optimizing your Adaptive solutions. With dedicated training, informative sessions, and fantastic keynotes (Stephen Dubner, author of Freakonomics recently confirmed as the guest keynote), Adaptive Live is a can’t-miss event! Check out the full agenda, including opportunities for CPE credits.

Learn more about Adaptive Live 2015 and register by February 27th to lock in early bird pricing. We’re looking forward to seeing you at the Armanino booth during the conference!

Already registered? Be on the lookout for details on Armanino’s networking luncheon on April 22nd!

Learn more about Adaptive Insights with Armanino.

11 February

3 Ways to Jumpstart Your Productivity in the Cloud

Have you transitioned to the cloud but still have a number of items on your to do list to increase your productivity in the cloud? If you said yes, then you are in good company. Here are three areas I recommend investing your time this year to maximize the benefits of going cloud.

Go Paperless
How long have we been hearing the words “going paperless”? When you subscribe to a cloud SaaS environment, not only is your data in the cloud, but also your digital documents are in the cloud. By maintaining a virtual file cabinet and attaching your documents to each transaction, you, your staff, your managers and even your auditors will have instant access to key transactional information from wherever you may be logging in.

Not only can you save transactional information like invoices, check copies and journal entry support, but you should also consider adding vendor W-9’s, customer contracts and import templates (see item number 3 below). If you really want to beef up your paperless transition you can use a cloud based document management system like Docassist that integrates with your cloud ERP, CRM and HRM.

Customize Your Dashboards
Dashboards can be a powerful way to communicate valuable information to the right person at the right time. They can also save you time if you frequently get requests for the same reports and information.

My recommendation is to build out custom dashboards templates based on different roles in your organization. Then, let your users decide how to customize them.

If you aren’t using a dashboard, you are missing out on:

  • Instant metrics – Set up key metrics like AR turnover, EBITDA or Gross Margin
  • Open transactions – see a list of unpaid bills, open PO’s, open AR
  • Approvals – Instantly see items that require your approval
  • Reports – Pick the reports that matter the most: cash balances, budget variances, customer and vendor balances
  • Links – Link out to frequently used websites

Putting in the time to build a strong dashboard puts valuable information at your fingertips and is well worth the time investment.

Jumpstart Your CSV Imports
CSV imports can be both a hassle and a time saver. If you are downloading a blank template every month to import key transactions, there is an easier way. I recommend, setting up a custom template for each key transaction.

For example, if you are importing your credit card transaction every month then think of creating a template in the following way:

  • Highlight columns – use different colors to reflect required versus might need to include.
  • Maximize copy and paste – arrange the columns on your import file to match the columns copied from your source file.
  • Include your own instructions – either in an unused row or as a separate tab.
  • Use Excel dropdown lists to bring in account or dimensional information if you send this out to other users to code.
  • Here is a link to learning more about CSV imports: Import or Export text (.txt or .csv) Files

Finally, take advantage of your ERP file storage and save your templates within your accounting system. This will allow you instant access to key templates and insure your staff are always using the right template.

These strategic investments in your time will go a long way to engaging users and saving you time in the long run.

Learn more about improving your productivity in the cloud with Intacct.

5 February

Armanino Named Adaptive Insights Partner of the Year

Adaptive Insights Partner of the Year 2014

During the recent Adaptive Worldwide Partner Summit, Armanino was announced as the 2014 Adaptive Insights Partner of the Year. We are very proud to be awarded this honor from among Adaptive’s 200+ channel partners. The award is chosen based on excellence in customer satisfaction, implementation, and cloud evangelism. Armanino’s certified development and implementation team has deployed Adaptive software to companies on six continents, proving the agility of this cloud solution for budgeting, reporting, consolidation, and business intelligence.

“We are honored to be the recipient of the Adaptive Insights Partner of the Year award,” said Matt Armanino, Chief Operating Officer and Partner at Armanino. “As a leading advisor to CFO organizations, we are proud to be the largest partner of Adaptive Insights, a company that leads the field in growth and cloud solutions for finance. We look forward to continuing to work with Adaptive in the evolution of CFOs and the office of finance to strategic leadership for the business by providing cloud strategy, implementation and integration services to clients across the globe.”

As noted by Cory Close, CFO of T&D Solutions, “Armanino has been extremely helpful in evolving our Adaptive Insights platform. The team has offered pragmatic suggestions and implemented them efficiently.”

We’re thrilled to continue working alongside Adaptive Insights to empower our clients to surpass their strategic business goals.

Learn more about partnering with Armanino for Adaptive Insights.

26 January

Scott Schimberg Named to Armanino Partnership

Scott Schimberg, Partner, ArmaninoScott Schimberg was recently named to the partnership team at Armanino. With over 20 years of accounting experience including Controller and VP positions, Scott is perfectly equipped to join the leadership at Armanino.

Andy Armanino, managing partner at Armanino noted of the partner additions, “Each of them possesses a passion for serving our clients and acting as leaders in the firm by ensuring top-of-the-line quality client solutions and preparing our staff through guidance and mentoring.”

As the leader of Armanino’s Intacct team, Scott is no exception. Learn more about Scott Schimberg and the rest of the Armanino leadership team.

Read the full announcement from Nasdaq GlobeNewswire on the newest additions to the Armanino partnership team.

23 January

Stock Based Compensation – Year End Inventory

It’s that time of this new year to start thinking about updating your stock based compensation for fiscal year 2014. If you’ve been keeping up with quarterly activity and updates, you are already ahead of the game. Regardless, there are several things to keep in mind to ensure your stock-based compensation expense is accurate and up to date. We highlight a few of the bigger items you can incorporate into your yearly checklist for stock-based compensation.

1. Forfeiture Rates: Is this updated? Are you using a rate and if so, are you allocating by employee type? Normally, allocating expected rates amongst executives vs. non-executives is a good basic approach to bifurcation. The assumption is that executives would normally stay on longer with the company and thus have a lower forfeiture rate.

Running actual forfeiture calculations on historical grants/awards will give you a better idea of expected rates, but this assumes a long enough history with a relatively sufficient amount of terminations over the years. If you have an unusually loyal workforce with relatively zero termination activity, using a low flat rate should be fine. With fairly new plans, determining a good rate is difficult, and so, the consideration of even using a forfeiture rate should be kept in mind.

2. Volatility: Is this updated? If calculating for a private company, are you using the most recent 409A valuation to update public peers? If you’ve recently gone public, you probably won’t have sufficient price history for the look-back/expected term in question. If not, continuing to run with public peers that have a sufficient history is a good option.

16 January

Armanino Named 2014 Intacct VAR Partner of the Year

Armanino Wins Intacct VAR Partner of the Year (2014)Armanino was announced as the 2014 Intacct VAR Partner of the Year during Intacct’s annual conference last year. As Intacct’s largest VAR, we’re excited to be awarded this honor for the 4th year in a row.

Check out our awesome cloud team accepting the award during Intacct Advantage in Orlando last year.

Learn more about Armanino’s Intacct practice with deep financial expertise and unparalleled cloud enablement, customization, and integration capabilities to see why we’ve been chosen as the Intacct VAR Partner of the Year 4 years running.

(Thanks to Intacct for the photo)!

5 January

Intacct CEO Receives Customer Focused CEO Award

Intacct CEO, Robert Reid, has been named the 2014 Gold winning Customer Focused CEO by the annual CEO World Awards. Over 40 judges scored companies of all types and sizes, judging qualities of leadership, customer satisfaction, innovation, and more. Accounting Today noted Mr. Reid was selected “for driving explosive growth at innovative companies, his customer focus, and his deep expertise in cloud computing.”

Mr. Reid also took the number 1 spots for Glassdoor’s highest rated SMB CEOs and GrowthCap’s Top 25 CEOs in Financial Technology.

Take a peek at Glassdoor’s Top CEOs lists, Growthcap’s report on the Top 25 CEOs in Financial Technology, and  Accounting Today’s report on Rob Reid’s CEO World Awards win.

Learn more about Intacct solutions.