Archive: Accounting

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Accounting 101: What Startups & Small Businesses Need to Know

As an entrepreneur or a small business owner, you probably have a lot on your plate—from marketing your brand to hiring the right people to building relationships with your customers. At the end of the day, however, your primary job is to drive your business forward. And to do this, you must understand how the […]
February 23, 2018

The Aronson Foundation Supports the George Mason University Accounting Program

The Aronson Foundation is proud to support the George Mason University Accounting program, at the recommendation of Partner David Semendinger. The Aronson Foundation’s support will help support the Dr. Phillip Buchanan Faculty Fellowship Endowment and Accounting Excellence Fund. The Dr. Buchanan Faculty Fellowship Endowment, named in honor of a 30-year extraordinary faculty member, provides annual support […]

Project Management and Accounting – How Are They Related?

The financial success of a construction contractor can depend on a variety of factors including the quality of its product, its reputation, the management of the enterprise, and its ability to sell profitable contract work. The financial success of a construction contractor is also dependent on disciplined project management, which is intrinsically linked to a […]

Top Tips for Easing Annual Tax Pain

We in the tax business remember quite well the stressful last weeks leading up to the annual tax deadline on April 15th. We know it was tough for you too. Is there anything that you can do now to ensure that the next tax season is smooth and stress-free? Here are some simple steps that […]

Indirect Cost Series: Part Five – Additional Considerations

This is part five of a five-part series on indirect costs. As we wrap up our series on indirect costs, it’s important to remember the key takeaways from parts one through four: Indirect costs are costs that are directly attributed as construction costs but are not easily identifiable to specific contracts. Indirect costs must be […]

Indirect Cost Series: Part Four – Over/Under Application of Indirect Costs

This is part four of a five part series on indirect costs. Audit professionals typically approach financial statement information from an external reporting viewpoint . With most contracts, we review a client’s position as of their year-end date. From a cost accounting perspective, however, contracts should be looked at monthly to determine accurate contract status. […]

Indirect Cost Series: Part Two – Cost Pools and Developing an Indirect Cost Rate

In part one of our indirect costs series, we focused on what indirect costs are and why they are important to contractors. In this post, we will discuss cost pools and how to develop an appropriate indirect cost rate to allocate indirect costs to your construction projects. As discussed previously, indirect costs are costs that […]

Indirect Cost Series: Part One – What Are Indirect Costs?

This is part one of a five-part series on indirect costs. When contractors are accounting for contracts, it’s easy to account for the typical project costs that come from an invoice for tangible materials delivered to a site. However, other costs, known as indirect costs, are often forgotten in the planning and budgeting process. In […]

Top Tips for Easing Annual Tax Pain

We in the tax business remember quite well the stressful last weeks leading up to the annual tax deadline on April 15th. We know it was tough for you too. Is there anything that you can do now to ensure that the next tax season is smooth and stress-free? Here are some simple steps that […]

What is a ‘Standard Audit Opinion?’

The standard opinion for audits of financial statements conducted in accordance with “auditing standards generally accepted in the United States” (GAAS) explains which financial statements were covered in the audit, the basis of accounting (typically accounting principles generally accepted in the United States of America [GAAP]) applied in preparing the financial statements, management’s responsibility for […]