Authored by Lee McClellan, CPA

Founder & Operator of Filan Advisory

All Posts

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Choosing the Right Accounting Software

Choosing the right accounting software is like selecting a strategic partner - small businesses seek simple, affordable solutions for daily tasks, while medium-sized firms require scalable, integrated systems with advanced reporting to drive growth and informed decision-making.

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Investing in Your Accounting & Finance

Your accounting and finance systems are your business's dashboard. When issues like unreliable figures, delayed reporting, cash flow challenges, compliance gaps, or overburdened staff arise, it is crucial to streamline processes through automation, training, and strategic support.

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Managing Your Business Cash Flows

Enhance your cash flow with a balanced approach that combines proactive forecasting, efficient invoicing, and thoughtful expense management to empower small to medium-sized businesses.

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Lease Accounting: Understanding ASC 842

Transitioning to ASC 842 enhances lease accounting by moving leases to the balance sheet through careful lease identification, robust data validation, strategic technology adoption, and proactive stakeholder communication for improved transparency and decision-making.

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Revenue Recognition: Understanding ASC 606

Adopting ASC 606 transforms revenue recognition by implementing a five-step model—from contract identification to recognizing revenue upon fulfilling performance obligations—that enhances transparency, consistency, and comparability in financial reporting.

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Effective Cost Management

Adopting comprehensive cost management practices - from detailed budgeting and strategic supplier negotiations to leveraging technology and fostering a culture of resourcefulness - empowers SMBs to navigate market fluctuations, reduce expenses, and drive sustainable growth.

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Fundamentals of Financial Forecasting

Accurate financial forecasting equips SMBs with a strategic roadmap—rooted in sound financial records, an understanding of key business drivers, scenario planning, and modern tools—to enable informed decisions, effective risk management, and sustainable growth.

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The Basics of Inventory Accounting

Following US GAAP and ASC Topic 330 for inventory accounting helps businesses accurately track and report their inventory by guiding how to measure costs, apply valuation methods, and provide clear disclosures—all of which boost internal controls and support smarter decision-making.

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Navigating Payroll

Effective payroll management for SMBs means streamlining processes with reliable software, maintaining accurate records, and staying current with regulations to ensure employees are paid accurately and on time, all while reducing errors and building trust.

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