In The News – 2020

Company acquisitions: How to not only survive, but thrive

12/11/2020

Although acquisitions are a business norm, since the coronavirus pandemic, the number of companies being acquired seem to have ramped up. ATM Marketplace interviewed Nick Pellegrino, president of SVW, a company recently acquired by Powerhouse, and asked him to share his thoughts and insights about the acquisition and the future for SVW.

Crowley construction company announces new CFO

12/04/2020

People thought Dianna MacDonald was crazy to leave her job of nine years in the middle of a pandemic to lead financial services at a company she had never heard of.

Financial execs report renewed confidence in Q3

11/24/2020

Financial executives are starting to return to pre-pandemic levels of confidence about the future of the economy, according to the “Quarterly Priorities Survey Q3,” by Financial Executives International and Deloitte.

Things to consider for companies preparing for 2020 year-end audits

11/13/2020

The end of 2020 is on the horizon, and auditors at calendar-year companies are already planning and beginning their audits. The usual annual challenges of implementation of new accounting standards and related internal controls persist, but this year-end is unlike any other, as firms are dealing with changes to their businesses and the economy overall as a result of the COVID-19 pandemic.

Recovery watch 2021 and beyond: What we’re in for

11/13/2020

Don’t count on a V-shaped recovery, as many initially predicted. Instead, buckle up — we’re in for a much slower and K-shaped recovery.

SEC Gives Limited Direction on New Workforce Disclosures

11/11/2020

The SEC won’t likely give companies formal guidance to help them report details about how they manage their workforces under new disclosure rules, an SEC official said Wednesday.

PCAOB adjusts plans for coronavirus

11/11/2020

The Public Company Accounting Oversight Board has been making changes to its strategic plans and agenda in response to the COVID-19 pandemic as it sees auditors doing more work remotely and facing issues with auditing financial statements issued during the pandemic.

No ‘Green’ Accounting Standards on Horizon for U.S. Rulemaker

11/04/2020

U.S. accounting rulemakers don’t plan to tackle questions about whether companies need to report so-called environmental, social, and governance issues like how climate change affects their business or howthey treat employees.

Loan Loss Standard: Airing Set for What’s Working, What Isn’t

11/04/2020

U.S. accounting rulemakers are planning a December meeting to discuss “the good, the bad, and the ugly”about the biggest change to bank accounting in decades, the board’s technical director said Wednesday.

FASB deals with uncertainties from pandemic and election

11/04/2020

Financial Accounting Standards Board Chairman Richard Jones had to deal with the coronavirus pandemic just as he was starting the transition with immediate past chair Russell Golden, and now he is facing the uncertainty of the presidential election and what Congress might do with accounting standards.

Weathering the Storm

11/04/2020

Inarguably, nothing is as it should be. The pandemic has dramatically affected how we do business, how we forecast, how we plan. It’s hard to know what’s coming next for the most part. But there is one thing we can count on. One thing that hasn’t changed — storm season.

NABA looks to partner with firms to diversify accounting profession

11/02/2020

The National Association of Black Accountants is hoping to expand its partnerships with accounting firms and corporate America to bring more diversity to the accounting profession.

What you need to know when adding or updating curbside pickup service

9/17/2020

Prior to the pandemic, it could be argued that many (if not most) restaurants offered takeout while some actually had curbside pickup.  The same could be said about some retailers that, in an effort to outpace competitors with stellar customer service, had already introduced online or phone ordering with in-store pickup or in-car delivery.  However, curbside pickup today has shifted from being a nice-to-have to a must-have as consumers continue to seek ways to safely distance while still taking advantage of business offerings across the country.

These hidden fees are taking a bite out of your retirement savings

9/17/2020

The cost of investing in your 401(k) plan at work is hitting new lows. Too bad hidden fees can chomp away at your savings. Generally, it’s cheaper to invest in your retirement plan at work, versus going out on your own to shop for mutual funds.

Finance Teams Kept More Hands on Deck in Q2 to Navigate Rough Waters

8/20/2020

Far fewer finance teams planned on cutting headcount in the second quarter of 2020 than in the first, according to a survey released this week by Financial Executives International in collaboration with Deloitte. Meanwhile, the percentage of companies reporting a drop in working capital balances in Q2 rose by a third as the pandemic took hold.

Financial execs take wait and see approach amid coronavirus uncertainty

8/19/2020

Financial executives are hesitant about their organization’s future working capital, demand for products and services, and talent retention, according to a new survey.

16 Key Signs That You Will Always Be In Debt

8/18/2020

Getting into debt is easy — and the numbers prove it. About 80% of Americans across generations are currently in debt, a 2019 Nitro survey found. And the total amount of household debt in America is nearly $13.95 trillion, according to the Federal Reserve Bank of New York’s most recent report on household debt and credit.

CFOs Ration Capital as Economic Uncertainty Stretches into Q3

8/17/2020

Financial leaders are rationing dwindling pots of cash as the economy continues to limp along with only the hope of a vaccine likely to turn the business climate around, according to a survey released Monday by Financial Executives International.

Powerhouse To Offer Allied BioScience’s SurfaceWise2

7/30/2020

Powerhouse, a national construction, facilities maintenance, and rollout service provider, is enhancing its suite of COVID-19 response services. The new service will enable Powerhouse to apply SurfaceWise®2, proven to be the first and only surface protectant to continuously remove pathogens from surfaces for months with a single application.

Covid Fallout Threatens Financial Reporting Guardrails, CFOs Say

5/28/2020

The economic blow and staff reductions suffered by companies in the wake of the pandemic are straining safeguards critical to accurate financial reporting, Financial Executives International warned Thursday.

Finance Leaders Laser Focused on Effects of COVID-19, FEI Survey Reveals

5/08/2020

Finance execs work to manage coronavirus issues amid dire conditions

5/07/2020

Financial executives are taking a two-phase approach to managing coronavirus issues that face their companies, according to a new survey.

Finance Execs Rethink Office Space, Staffing During Pandemic

5/07/2020

Finance executives are reconsidering office space and staffing needs as they steer their companies through the health and economic crises brought on by the coronavirus pandemic.

To fight fraud, manage culture

3/12/2020

Organisational culture plays a key role in enabling detection, mitigation, and prevention of financial fraud and misconduct, but leaders need to be active in assessing and shaping internal culture, according to a new study by the Anti-Fraud Collaboration.

Best Robo-Advisor Performance 2020 – Plus Tips to Choose a Robo

2/25/2020

As a multi-decade investor I know the allure of high investment returns. It’s wonderful to imagine that a fund’s 20% one-year return will continue into the future. Many investors make that assumption and jump into the funds with top returns.

COMPANIES REPORT HIGHER AUDIT FEES

2/01/2020

The 10th Annual Audit Fee Survey Report, released by the Financial Education & Research Foundation (FERF), reveals average audit fees increased 4.25% from 2017 to 2018, with new accounting standards from the Financial Accounting Standards Board (FASB) cited as the primary reason.

Accounting Background No Longer Needed For CFO Jobs

1/29/2020

Having an accounting background is no longer a must for a company’s chief financial officer (CFO), according to a report by The Wall Street Journal.

For example, when directors of Hannon Armstrong Sustainable Infrastructure Capital were looking for someone to fill the role, they were more worried about hiring someone who had experience with raising debt and equity, and they didn’t care if the person was a former accountant.

Why You Don’t Need to Be an Accountant to Be a CFO

1/29/2020

Directors of Hannon Armstrong Sustainable Infrastructure Capital Inc. congregated in the boardroom in late 2018. On the agenda: the ideal résumé of their next finance chief.

They wanted to fill the impending vacancy with someone who had expertise in raising debt and equity—a priority for the Annapolis, Md.-based investment firm.

Audit fees level off in 2018, study shows

1/21/2020

In the newest installment of its annual analysis of audit and non-audit fees, Audit Analytics reports public companies paid an average of $511 in audit fees for every $1 million in revenue. That is the same average amount as in 2017, but it represents a decrease from $537 in 2016 and $515 in 2015.

Audit fees keep rising, thanks to new accounting standards

1/15/2020

Average audit fees increased 4.25 percent from 2017 to 2018, going from an average of $2,220,251 in 2017 to $2,314,703 in 2018, mainly driven by new standards from the Financial Accounting Standards Board, according to a new report.

Accounting Changes Main Driver of Audit Fee Spike for Companies

1/15/2020

Major, back-to-back accounting changes meant companies paid more to their external auditors in 2018 compared to a year earlier.

Average audit fees increased by 4.25% between 2017 and 2018, with a majority of companies—66%—pointing at new revenue recognition and lease accounting rules from the Financial Accounting Standards Board as the reason, according to a Wednesday report by a research affiliate of Financial Executives International.

Companies Shell Out More in Audit Fees to Tackle Accounting Rule Changes

1/15/2020

Annual audit fees continue to rise for U.S. companies as they adapt to an onslaught of new accounting rules and regulatory changes.

The average hourly fees public companies pay to external auditors have climbed 31% over the past decade to $283 in 2018, according to a new survey of finance executives by the Financial Education & Research Foundation.

16 Key Signs That You Will Always Be In Debt

1/14/2020

Getting into debt is easy — and the numbers prove it. About 80% of Americans across generations are currently in debt, a 2019 Nitro survey found. And the total amount of household debt in America is nearly $13.95 trillion, according to the Federal Reserve Bank of New York’s most recent report on household debt and credit.