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4 ways prioritizing inventory management can help your business

Mastering inventory levels is a key to many successful and growing businesses. Here are four reasons why prioritizing your inventory...

Safeguarding your business’s cash with separation of duties

The best way for small businesses to battle fraud is to create a separation of duties framework. With the separation...

An IRS audit target: the sole proprietor

The IRS releases its Data Book annually, which details all of its activities. And during the past few years, audits...

Management letters: Follow up on your auditor’s recommendations

In today’s uncertain market, maintaining the status quo might be dangerous. Businesses must “level up” by being proactive and adaptable...

Do you know the signs of financial distress in a business?

The financial figures do not tell the entire story. Knowing how to see warning signs of coming issues allows investors,...

Forecasts vs. projections: What’s the big difference?

Financial statements consider past results. But there are occasions when you need forward-looking reports, like forecasts and projections, to: Support...

Leveraging internal audits

Internal audit departments are typical in businesses. They check to see if the company is accurately reporting financial data according...

Goodwill in a bad economy

Many companies and nonprofit organizations have been forced to reduce the value of acquired goodwill on their balance sheets due...

FAQs about fair value in accounting

Recent guidance from accounting rule makers requires the “fair value” reporting of specific items on the balance sheet. Here are...

Deciding between cash and accrual accounting methods

Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

Timing counts: Reporting subsequent events

Significant events or transactions may occur after the reporting period has ended but before the completion of financial statements. Examples...

Eyes on related parties

Business transactions with related parties, such as friends, family, parent firms, subsidiaries, and affiliated entities, may occasionally occur at above-...

Going private

The news media has recently focused on initial public offerings (IPOs) involving special purpose acquisition companies (SPACs). However, amid the...

New audit committee survey reveals trends on risks, ESG reporting, and more

The Center for Audit Quality, an associate of the American Institute of Certified Public Accountants, released a survey titled "Audit...

Four levels of audit opinions

The auditor’s report appears on the first page of the audited financial statements. One should not overlook that essential aspect...

Take your financial statements to the next level

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your...

Audit disclosures: Why the fine print is important

Footnotes appear at the end of a company’s audited financial statements. These audit disclosures provide insight into account balances, accounting...

The ABCs of activity-based costing

As reported on your company’s income statement, revenue and expenses have limited usefulness to people inside the organization. Managers often...

Preparations vs. compilations

Your business needs financial statements. That way, management can monitor performance, attract investment capital, and borrow money from a bank...

Keeping meticulous records is the key to tax deductions and painless IRS audits

If you operate a business or are starting a new one, you know you need to keep records of your...

How to forecast smarter

Forecasting key business metrics can help reduce excess inventory and other overhead, offer competitive prices, and keep your business on...

Let your financial statements guide you to optimal business decisions

Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as...

Reporting and managing inventory

Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on...

How to assess fraud risks today

Auditing standards require external auditors to consider potential fraud risks. These auditors watch out for conditions that provide the opportunity...

Data visualization: A picture is worth 1,000 words

Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also...

10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature...

Going concern disclosures today

With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you...

Related-party transactions draw attention from auditors

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad...

Opening a new location calls for careful planning

The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries...

Restating financial results

In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by...

Want to find out what IRS auditors know about your business industry?

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues...

Financial reporting issues to consider in “going private” transactions

In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices...

CAMs: Thumbs up or thumbs down?

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major...

Have you followed up on the management letter from your audit team?

Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is...

Financial statements: Take the time to read the entire story

A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps...

Analytics software: A brave new world in auditing

Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively....

5 ways to take action on accounts receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies...

Is your company ready for agile auditing?

Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though...

Auditing WIP

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production...

Follow the cutoff rules for revenue and expenses

Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a...

Accounting methods: Private companies have options

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow...

Don’t assume your profitable company has strong cash flow

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you...

Hit or miss: Is your working capital on-target?

Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to...

Using your financial statements to evaluate capital budgeting decisions

Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line...

Receivables may be a source of cash in tough times

Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do...

Accounting for business combinations

If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence...

What’s on the FASB’s 2021 agenda?

In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders...

External audits offer many benefits to nonprofits

Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual...

Using analytical procedures in an audit provides many benefits

Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of...

How materiality is established in an audit or a review

When accountants conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold. This benchmark...

Demystifying the audit process

Independent auditors provide many benefits to business owners and management: They can help uncover errors in your financials, identify material...

GAAP vs. tax-basis reporting: Choosing the right model for your business

Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that...

Why financial restatements happen … and how to prevent them

When companies reissue prior financial statements, it raises a red flag to investors and lenders. But not all restatements are...

To Our Valued Clients:

RRBB has always stood on values of being entrepreneurial and visionary in our thinking – anticipating the future needs and opportunities for our clients and positioning ourselves to be ready to meet these needs with timely solutions, insights, and an innovative approach. We are excited to take another big step forward to focus on the future reimagined not only for our firm and our people, but for you.

RRBB is pleased to announce our restructuring in which we will continue to conduct our attest practice through our existing firm, Rosenberg Rich Baker Berman, P.A. ("RRBB PA"); however, we are transferring our non-attest assets and services, such as tax, consulting, and other services (including services provided by CFO Financial Partners LLC), to a new entity, RRBB Advisors, LLC ("RRBB Advisors"). Accordingly, any engagement letters or services agreements between you and RRBB PA for audit or other attest services will remain with RRBB PA. Any engagement letters or services agreements between you and RRBB PA for tax, advisory, or consulting services will be assigned to RRBB Advisors.

As part of audit and attest engagements, RRBB PA will lease professional and administrative staff, both of which are employed by RRBB Advisors, to support RRBB PA's performance of those engagements. These leased individuals will be under the direct control and supervision of RRBB PA, which is solely responsible for the professional performance of audit and attest engagements.

As part of this restructuring, our partners have teamed with Crete Professionals Alliance to provide additional resources to both RRBB PA and RRBB Advisors, operating under the brand name, RRBB. This restructuring will further cement our mission to keep a client-centric mindset in all we do to ensure we are able to stay ahead of the unprecedented business changes this environment brings. We believe with this restructuring, RRBB is better positioned than ever to deliver excellent client service.

RRBB will remain focused, as we have for more than 60 years, on what counts – you. Our investment in long-term relationships and a dedicated, integrated approach to client service remains stronger than ever. Your team relationships and interpersonal experience with RRBB will not change. We believe that you will have access to significant additional resources and a deeper bench of expertise in consulting, advisory, and industry matters as we grow long into the future.

RRBB Advisors will maintain custody of all our files. Both RRBB PA and RRBB Advisors will comply with the same confidentiality obligations with respect to your confidential information. RRBB PA is and remains a licensed CPA firm. RRBB Advisors, which is not a licensed CPA firm, will be owned by the partners of RRBB and Crete Professionals Alliance. Please let us know immediately if you have any objection to such transfer of your files. If we do not receive any such objections within ninety (90) days from the date hereof, we will presume you have no such objections.

Note that we will also share certain of your information with Crete Professionals Alliance to assist in the administration of our practice and to monitor for compliance with applicable independence rules.

We are thrilled at the impact this next step will provide to help bring you solutions, insights, and tools to maximize your vision and accomplish your business and personal goals.

Please feel free to reach out to your RRBB relationship partner with any questions.

Sincerely,

The Partners and Managing Members of RRBB

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