July 2, 2018
Resort Hotel Set to Halve Monthly Financial Close With BlackLine
A large resort hotel perched near the Grand Canyon had contracted Armanino to help them implement Sage Intacct ERP, with the goal of automating many of their financial processes. As we began that project, we soon realized that their monthly financial close was manual and Excel-driven, with a painful amount of inefficiency. It took 12 …
June 19, 2018
Financial Infrastructure Is Key for Cryptocurrency Company Success
As cryptocurrencies gain traction toward mainstream adoption and acceptance, companies in the cryptocurrency ecosystem must balance an influx of revenue and fast growth with the challenges of building a financial infrastructure capable of supporting their changing needs. Whether they’re a cryptocurrency exchange, a company funded through an initial coin offering (ICO), a platform or technology …
June 7, 2018
JOBS Act Deadline Looming for Many EGCs
We are reaching the 16-year mark since the Sarbanes-Oxley Act (SOX) was passed by Congress and signed into law. One criticism consistently levied against the legislation is the cost associated with complying with the various provisions. There have been a variety of measures put in place over the years to reduce the expense of SOX …
May 31, 2018
ABC Test: Freelancers Are Now an Even Bigger No-No in CA
On April 30, the CA Supreme Court issued a long-awaited ruling that makes their description of “employment” even clearer. (See Dynamex Operations West, Inc. v. Superior Court, Cal.5th, 2018 WL 1999120). If you thought you had the employee vs. independent contractor (freelancer) thing nailed, you might need to think again. The good news, and the …
May 21, 2018
How Blockchains Achieve Consensus: Proof of Work vs. Proof of Stake
The use cases for blockchain are now being recognized as a truly viable option for future technologies. This stems from its inherent characteristics of immutability, security, traceability, anonymity and trust. Blockchain maintains these characteristics by achieving “consensus,” meaning agreement between all users or nodes within the network. How does a blockchain achieve this critical consensus? …
May 9, 2018
How to Plan Finance Allocations: Why Less Is More
Do you really understand your profitability from the products or services you provide? There’s more to the story than total sales at the end of the year. Incurred costs to develop, test, market and manage your product or service have a huge effect on the overall profitability of your company. If you’re undercutting your competition’s …
May 1, 2018
Top 10 Best Practices for Accrual Accounting
If your income always exceeds your expenditures, using cash accounting with no accounts payable or accounts receivable works fine. But if your income isn’t always greater than your expenditures, you need better visibility into what’s happening this month, as well as what’s likely to happen next month. For a fuller picture of your organization’s financial …
April 25, 2018
Why You Need to Consider Data Integration Solutions
How do you get actionable reporting from the reams of data generated by your business on a daily basis? Many companies still rely on Excel spreadsheets to track revenue, expenses, headcount and more. Files are spread across desktops and departments, all waiting to be transformed, summarized and integrated on a daily, weekly or monthly basis. …
April 19, 2018
Tax Reform and Valuation Impacts to Consider
Federal tax reform is here and there are several elements of business and asset valuation that are impacted by the recent change in legislation. The Tax Cuts and Jobs Act of 2017 (tax reform) was signed into law on December 22, 2017, and impacts all private company business valuations performed after this date in several …
April 6, 2018
The Current State of U.S. ICO Compliance
As the SEC has yet to make an official ruling or create a governance entity to oversee ICOs (initial coin offerings) or TGEs (token generating events) and related processes, the current U.S. compliance landscape surrounding ICOs and related cryptocurrencies is quite ambiguous. Along with this regulatory uncertainty, future compliance may be costly and limit projects’ …