Companies reexamine their lease accounting as they rightsize space during COVID

Businesses are downsizing their office space and renegotiating leases as employees work from home, and they need to look at how they’re accounting for the leases under the new rules.

A recent poll from Deloitte found that two-thirds (66.9%) of companies surveyed have launched or plan to initiate a study looking at how they use real estate in the post-pandemic world. Deloitte’s recent report, Reevaluating your real estate footprint and a related infographic, discuss the various considerations and issues of the leases standard from the Financial Accounting Standards Board, known as Topic 842 or ASC 842 for its number in FASB’s Accounting Standards Codification.

Since the pandemic spread across the U.S. last year and organizations responded by closing their offices and asking employees to work from home, companies have been rethinking their real estate strategy, exiting space before a lease ends, modifying their lease agreements to accommodate extra space

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What is business accounting? 21 tips for business owners

Managing business finances doesn’t have to be the bane of your professional existence. Nor does it have to take you away from the personal reasons you started your company in the first place.

Instead, the basics of small business accounting come down to a handful of best practices and only three essential reports: your balance sheetincome statement, and cash flow statement. These might sound like they require a professional bookkeeper, but the truth is far from it.

The following accounting checklist lays out a recommended timeline for the accounting functions that will show the state of your business and allow you to streamline your tax preparation. For a thorough understanding of business accounting, continue reading. If you’re looking for a specific answer, use the links below to jump to a section of your choosing.

What is business accounting?

Whether you’re the proud owner of a new

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Payments Industry Veteran James Thomas Leading the AI Revolution in Finance and Accounting Workflow Automation by Saving Companies Billions | State

NEW YORK, June 23, 2021 /PRNewswire/ — James Thomas, the founder and CEO of Itemize, is helping corporations and FinTechs save billions and increasing their productivity by deploying intelligent automation to capture data from financial documents that would otherwise be done manually.

“At Itemize, our focus is enabling organizations to implement and accelerate business processes using Machine Learning (ML) and AI technologies,” said Thomas. “We’ve seen results showing 97 percent accuracy, 80 percent time-savings freeing up valuable resources and cost savings.”

Itemize specializes in B2B accounting and finance applications, documents, and workflows. Its team and technology are experienced in finance and accounting systems, commercial payments, tax processing, and Accounts Payable. This sector focus puts Itemize ahead of the competition in dealing with financial and accounting documents. 

“Itemize is ready on the first day that a customer signs up. Our competitors are only selling tools, not out-the-box-ready solutions.

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Runway Growth Capital LLC Announces New Senior Hires, Augmenting its Finance and Accounting Team and Technology Origination Team | State

WOODSIDE, Calif., June 23, 2021 /PRNewswire/ — Runway Growth Capital LLC (“Runway” or the “Company”), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, announced today that it has hired Carmela Thomson to be the firm’s first Vice President of Finance and Accounting, and Andy Weyer to the post of Managing Director, Technology for Runway’s Origination team.

Operating out of the Chicago office, Thomson will focus on scaling Runway’s financial operations. She will work closely with Runway’s CFO, Tom Raterman, to refine the firm’s core financial best practices and advise on key financial and investor reporting.

“Our platform has grown substantially over the last several years, including our flagship private BDC and traditionally structured private funds. Expanding our financial team to include talent that is well-steeped in financial reporting, controls, and a regulated operating environment is a

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