BREAKING NEWS

BMF Akron Office Closure Beginning May 1

Beginning May 1, our Akron Office will be closed to the public for renovations but will remain available to assist you. Contact your BMF Advisor or call 330.762.9785 to speak with someone who can help. We anticipate renovations taking several weeks, so stay tuned for updates!

Articles & Publications

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QuickBooks Online: Should You Make the Switch?

If you have been considering whether a switch from QuickBooks Desktop to QuickBooks Online is right for you, you’re not alone. In an era where digital transformation is reshaping industries, the contemplation of upgrading tools is inevitable. The shift. Read More >>

Smart Strategies for Business Expansion

October 16, 2023 Accounting & Finance

In today’s dynamic and uncertain economy, expanding your business might not seem like the obvious choice. However, strategic growth can be the key to long-term financial health and success. Whether you aim to double in size within five years. Read More >>

Unlocking Your Business’s True Value: A Guide for Smart Loan Negotiations

Understanding a company’s value is critical when seeking new loans to expand your business or when renegotiating existing terms to be more favorable. It is imperative to understand your financial position and value, especially when dealing with lenders. Your. Read More >>

Exploring Financing Options for Your Business

In today’s uncertain economic climate, business owners face challenges in selecting the right financing options to support their operations and navigate financial uncertainties. Whether you require funding for equipment upgrades or wish to expand your business, it’s crucial to. Read More >>

CECL 2023-2: Types of Financial Assets within the Scope

What Type of Financial Assets are Within the Scope of CECL? The scope of CECL is broad and includes the following: ITEM NATURE Loan Receivables/Notes Receivable Financial Assets measured at amortized cost Held-to-maturity debt securities Financial Assets measured at. Read More >>

CECL 2023-1: What is Current and Expected Credit Loss and What Has Changed?

CECL Background CECL refers to the credit impairment model provided in Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as subsequently amended. The ASU requires credit losses on. Read More >>

CECL 2023-3: General Questions About the CECL Standard

No, CECL is not applicable to equity securities. ASC 321, Investments – Equity Securities provides the applicable guidance for equity securities, including impairment considerations for securities without readily determinable fair values for which the measurement alternative has been elected.. Read More >>

ASC 842 – Adopting the New Lease Standard

September 12, 2022 Accounting & Finance

What is the New Lease Standard? The objective of the new lease standard is to include all lease commitments in financial statements, as opposed to the previous practice of excluding operating leases. This change ensures that the financial statements. Read More >>

5 Billing and Collection Processes to Keep Financially Sound

The global pandemic and the impacts it had on the economy at large presented significant challenges for nearly all businesses over last two years. Businesses are looking for new and creative ways to steady revenue streams and improve their. Read More >>

Don’t Be a Victim: Stay Vigilant for Evolving Fraud Schemes

March 14, 2022 Accounting & FinanceFraud BMF

Fraudsters have become increasingly creative in finding ways to exploit vulnerabilities and unlawfully access personal and/or business information and assets. These cons have evolved over the years with dramatic spikes during times of economic and political global duress. Fraudsters. Read More >>