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Clancy Fossum

Recent Posts

Understanding the Differences Between Consolidated and Combined Financial Statements

Clancy Fossum . September 12, 2019

The terms consolidated and combined are pretty similar. We'd even venture to say they're synonyms in most cases. After all, you can consolidate/combine leftover pizza, Pokémon card collections, bank accounts, and a whole slew of other things. But...

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Tagged: financial reporting

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Your First SEC Filing: Get to Know the S-1

Clancy Fossum . September 10, 2019

Your journey towards your IPO isn’t always straightforward. In fact, it requires an organized approach to prevent you from getting lost in the financial woods. And while that’s a topic we’ve discussed in the past with our pre-IPO timeline,...

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Tagged: IPO, SEC

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FASB Pumps the Brakes on the Lease Accounting Deadline for Private Companies

Clancy Fossum . August 06, 2019

As dedicated purveyors of accounting and finance wisdom, Embark only feels it's our obligation to keep you plugged in and on top of your financial game. And for anyone that rolls their eyes when we muse about the dynamic world of accounting, we...

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Tagged: Lease Accounting, ASC 842

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General Ledger Clean-Up: Identify and Fix Your GL Problems

Clancy Fossum . August 01, 2019

 

To state the obvious, your general ledger is kind of a big deal. Without the kind of. It collects your transactional data, feeds your reporting, and is the bedrock of your entire accounting function. Therefore, it only makes sense for a company...

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Tagged: financial reporting, General Ledger

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The Ultimate Account Reconciliation Template and Best Practices

Clancy Fossum . July 16, 2019

Think of account reconciliations as the rudder to your ship. They keep you on-course and headed towards your intended destination, letting you identify discrepancies between accounts, ledgers, and nearly anything else that relies on absolute...

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Tagged: accounting tips

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7 Essential Questions To Ask During Rapid Business Growth

Clancy Fossum . July 02, 2019

Think of hypergrowth as those spaceships traveling at warp speed in your favorite sci-fi blockbuster. Everything is bright and exhilarating, but also dangerous if anything goes afoul as you push the laws of corporate physics around you. If you’re...

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Tagged: hypergrowth, executive leadership

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Our Accounts Receivable Template and Tips Will Help Fuel Growth

Clancy Fossum . June 28, 2019

Money might not make the world go ‘round, but it certainly comes in handy when running and growing a business. Your accounts receivable plays a significant role on that front, making certain you’re adequately paid and on time for the goods and...

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Tagged: accounting tips, accounts receivable

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A Useful Template and Best Practices for Accounts Payable

Clancy Fossum . June 18, 2019

As far as your financials go, it doesn’t get more fundamental than your accounts payable. Your AP is a structural foundation of your enterprise, no matter how big or complex your operations might be. However, many companies still struggle with...

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Tagged: accounting tips, accounts payable

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Providing Financial Reporting For Private Equity/Venture Capital

Clancy Fossum . May 14, 2019

Growth is the lifeblood of any organization. It’s why you exist in the first place, and separates the winners from the losers. It lies at the combustible intersection of capital, innovation, and strategy, where if you lack in one element, the...

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Tagged: private equity, financial reporting, venture capital

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Stay on the Good Side of Risk With The ASC 815 Hedge Accounting Update

Clancy Fossum . May 09, 2019

Hedge accounting. The term alone sends shivers down the spine of even veteran accountants, unfamiliar with its supposed vagaries and complexities. Sure, hedging isn’t the most popular of topics in the accounting world these days, especially with...

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Tagged: ASC 815, hedge accounting

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