In Pursuit of Profit
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![]() An organization’s fiscal calendar is not set in stone, but it’s often treated like it is. Why? Because it’s extremely cumbersome to move it! And yet, circumstances may arise where an organization really has no other option but to move its fiscal year. A change may be strongly recommended by a trusted advisor, or even required due to major organizational changes. There are many reasons why an organization could decide to shift a fiscal calendar, but the most common instances are to:
Undoubtedly, when a business owner, financial leader, or executive team is considering making a fiscal year shift, there is a valid reason to do so because the headache that results is not worth undertaking without good reason! But whatever the reason, an organization should be aware of the implications of changing a fiscal year before they make any changes to their calendar. From an accounting perspective, the key considerations to be aware of are:
When your organization needs help making a major financial shift, we can help! Our team of experienced outsourced accountants can come alongside your company or non-profit organization to offer insight and support as you make key changes. We can help your organization determine if determine if shifting its fiscal year is a viable idea, develop a project plan to implement the change if it is, and do the accounting work needed to implement it (or train your in-house staff on how to handle it themselves). As fractional accountants, we can offer as much or as little accounting help as you need for as long as you need it. At ASP we specialize in short-term and part-time accounting services for small-to-medium-sized businesses and nonprofits. Contact us to find out more today! |
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7/25/2024