To learn more about LBMC’s outsourced accounting services, contact an advisor today. That means you won’t get to spend as much face-to-face time with your accountant as you would if they were your employee. If you’re bringing in an outsourced controller to help manage your existing team, it’s necessary to carefully consider what this relationship will […]

In the notes to the financial statements the net amount of long term debt shown in the balance sheet would be explained as follows. Municipal bonds are debt security instruments issued by government agencies to fund infrastructure projects. Municipal bonds are typically considered to be one of the debt market’s lowest risk bond investments with […]

When you disclose all relevant information in your financial statements, it demonstrates good faith and trustworthiness to the people you are doing business with. The most well-known example of a company that went against the full disclosure principle was Enron. It is said that the company withheld a lot of key information from its investors […]

Also, skilled accounts receivable professionals help businesses stay compliant by accurately maintaining financial records. They prepare for audits and tax filings, which reduces the risk of penalties and legal issues. Prepare the adjusting journal entry to record the estimated uncollectible accounts (bad debt) expense using the percentage of sales method for the year ended December […]