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At XPECT, we understand the unique challenges faced by Japanese subsidiaries operating in the United States and are here to help. XPECT has been serving Japanese businesses since inception in 2019 and our comprehensive service portfolio is built to meet the specific professional service needs of Japanese companies. […]
Does your business have operations in the United States and Japan? If so, learning more about SOX and J-SOX compliance will be useful for your business. J-SOX guidelines establish rules and guidelines for financial reporting on your business operations to protect investors. The purpose of the guidelines is to improve accuracy of financial reporting and lower instances of fraudulent reporting. Non-compliance with these guidelines can have severe penalties for officers of the company. […]
In a tight labor market, strategic outsourcing can yield benefits for a growing business. In this article, we will present four strategic advantages a business may realize when outsourcing all or part of their accounting function. […]
Does Your Accounting Team Deliver Value? Business owners often view their accounting function as simply a cost of doing business. After all, businesses must know how much cash is in the bank and whether or not the business is generating income. Common indicators of an “accounting is a cost of doing business” view include a lack of investment in training, inadequate or underqualified staffing, and a lack of effective oversight of the accounting function. If your business fits that description, let me ask you an important question. Does your accounting team deliver value? The following are just a few examples of ways accounting can deliver value. Identifying problems early Who looks at the numbers every day? That’s right – the accountant(s)!For this reason, accountants can often identify and elevate issues before they become bigger problems. For example, who do you think should be the first to notice a slowdown in payments from a key customer? Facilitating communication and standardization [...]
We are well into a chaotic 2022 and business challenges show no signs of abating. At XPECT, we are focused on supporting our business clients and continuing to help them resolve business issues, operate more effectively, and make sound business decisions. While the work we do and services we provide represent the primary way we support our clients, we also have been working hard behind the scenes to develop our service offerings and enhance our client service experience. We relaunched our website last November to clarify our message and provide updated descriptions of our service offerings. At the beginning of this year, XPECT took a step back and recalibrated our strategy and vision. One outcome of this process was a clarification of the XPECT Why. XPECT exists to have a positive impact, to pursue professional excellence, and to support client success one client at a time. We think this is clear and simple and will be a guiding light [...]
A small or medium-sized business (SME) faces unique challenges in trying to both sustain the business and grow. This reality is often expressed in a small business when, for example, we say the business owner “wears many different hats.” It is not, however, simply the owner who wears many hats. In an SME, the entire leadership team is frequently asked to “wear multiple hats.” This is necessary if the business is to meaningfully pursue new strategic objectives and grow over the long term. One thing, however, must be a constant for an SME. The business must be excellent in its core operations. This requires good business fundamentals and is the equivalent of tackling, blocking, and running routes in football. No football team ever had a good season if they did not play good fundamental football. XPECT exists to help SMEs excel in the fundamentals and to alleviate the pressure on employees from having to wear multiple hats. Whether it [...]
How effectively does your business manage its working capital? Working capital is the cash that enables your business to operate and to support growth. The key word here is “working”. Is the capital available in your business truly working for the business? Insufficient cash or concern about future market conditions or outcomes often leads management to postpone, delay, or cancel planned uses of working capital. While these may be correct decisions, ask yourself the following few questions to begin evaluating how effectively your business is utilizing its working capital. How much working capital does your business really need? Taking the time to evaluate your working capital requirements in the context of the company vision and strategy allows you to take proactive steps to ensure funds are available when needed. Is the use of working capital aligned with strategic objectives? Make sure you fund strategic priorities first. Do you have a cash reserve? Every business needs a cash reserve. Building [...]
Thoughts on Leveraging Accounting For privately-owned companies December 15, 2021 is an important date and it is right around the corner. That is the deadline for implementing Accounting Standards Codification (ASC) 842 Leases. Prepare now. Effective implementation of a new accounting standard requires a strategic project plan. The lease standard is one of the more complicated standards issued in recent years so proper planning becomes even more important. Start by identifying a team member with sufficient knowledge and authority to lead the project to completion. From there, a preliminary review of the extent of the company’s leasing activities should be done. Be sure to consider both finance leases and operating leases when doing this preliminary review. This will allow for an assessment of the scope required for implementation and will enable the company to begin talking with firms that can provide outside support during this process. Analyzing and reviewing lease documents can take considerable time and requires a solid [...]