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Cover & Rossiter

Cover & Rossiter's Quarterly Newsletter

We hope you enjoy our July issue of Tradition.  In this edition, we introduce some new services offered by Cover & Rossiter that will help to streamline your business.  Pete Kennedy also helps explain the latest FASB revised exposure draft on Lease Accounting.

It is our goal to become one of your primary financial resources, and we hope you will find the information helpful. If you have any financial concerns or questions that you would like addressed, we'd love to hear from you! Please don't hesitate to contact us directly.    

Introducing A New Bill Payment System

We’ve recently implemented an advanced bill payment system to make every step of your bill paying process much simpler and far less time-consuming.

We have been working to provide technical solutions to reduce your administrative time. We want to you to have the ability to focus on higher valued services rather than administrative tasks.  Read more...

Looking to Better Manage Your Cash Flow, Payables & Receivables?

What if you could eliminate writing and mailing checks, bill payment errors, late payments and check fraud?

What if you could do it all online, anytime, anywhere?

Cover & Rossiter has a new tool available that can help you better manage your cash flow, accounts payables and accounts receivables. Read more... 

 

Within the Firm...

Cover & Rossiter Welcomes Wendy Rafferty

Wendy Rafferty joined our Small Business Department at the beginning of July.  Ms. Rafferty recently relocated to Wilmington from Lewes, DE to further her career in accounting and be closer to family.  Ms. Rafferty has a B.S. in Accounting and Finance from Wilmington University. Prior to joining Cover & Rossiter, Wendy, ran her own firm offering accounting and payroll services to small businesses. Because of this she comes to Cover & Rossiter with a clear understanding of the struggles and challenges faced by business owners.


Trauma Healing in Africa - Burundi 2013

Cover & Rossiter team member, Vickie Young Beam, traveled to Burundi, Africa, once again for more work on the Trauma Healing in Africa project.

Vickie, along with 10 other volunteers, returned July 7, following 2 ½ weeks of training, counseling and support for the local partner, THARS. Read more...


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We welcome your questions and comments about any of the topics in this newsletter. For more information about our firm and its services, or answers to your tax and financial planning questions, please contact Lindsay Wheeler, LWheeler@CoverRossiter.com or (302) 656-6632.

Sincerely,
Lindsay Wheeler
Cover & Rossiter
Pete Kennedy, CPA, CVA

Lease Accounting: FASB Revised Exposure Draft

Written by Pete Kennedy


On May 16, the FASB issued its revised exposure draft on Lease Accounting. This is the second time an exposure draft has been released on this topic. The draft details a major re-write to the rules around accounting for leases. In a nutshell:

Lease accounting as it currently stands separates leases into two basic types: Operating Leases and Capital Leases. The majority of all leases are accounted for as Operating Leases. The proposed change would do away with the traditional operating lease vs. capital lease concept and would treat nearly all leases as capital leases are currently treated. Read more. 
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