Blog

Understanding Your Retirement Plan Document and Fiduciary Duties

By |2020-01-16T15:20:09-06:00January 15th, 2020|Assurance, Compliance, Internal Control, Nonprofit, Retirement|

  As a retirement plan administrator or plan trustee, you are responsible for the management and successful operation of the retirement plan, in accordance with the plan document and the Employee Retirement Income Security Act (ERISA), on behalf of plan participants and beneficiaries. Therefore, in serving in these fiduciary roles, it is greatly important to [...]

How to Prepare for a Single Audit

By |2020-01-16T15:19:45-06:00January 15th, 2020|Assurance, Compliance, Internal Control, Nonprofit, Preparation|

  Does your organization receive federal funding? If the answer is yes, then you’ve probably heard of a “single audit.” A single audit is required when a non-federal entity expends $750,000 or more in federal awards during the fiscal year. If you are a recipient of federal funds and have exceeded this threshold, then you [...]

Why Trusted Employees Steal From Small Business Owners

By |2020-01-16T16:31:57-06:00January 14th, 2020|Accounting, Advisory, Fraud, Internal Control|

  As businesses grow, trust and delegation can cause the business owner to be less hands-on with their financials. Small businesses don’t always have the people and resources to put the proper checks and balances in place. As a result, small businesses are more susceptible to employee fraud. It’s important to understand how employee fraud [...]

Increasing The Value of Your Business

By |2020-01-16T15:30:11-06:00December 14th, 2019|Advisory, Business Valuation, Change, Goals, Internal Control, Investment, Preparation, Sell, Value|

Have you ever wondered, “What is my business worth?” You’ve worked hard and are committed to the success of your business, but you might be considering retirement or pursuing a different career path. You may want to sell to an outsider or your children that are actively involved in the business. Regardless of the [...]

Is An HSA Right For You?

By |2019-12-12T15:37:19-06:00December 12th, 2019|Advisory, Healthcare, Medicare, Saving, Tax|

To help defray health care costs, many people now contribute to or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax-advantaged basis. The basics With HSAs, you take more responsibility for your health care costs. If you’re covered by a qualified [...]

Developing Relevant Performance Metrics in Nonprofit Organizations

By |2019-12-04T15:15:07-06:00November 27th, 2019|Assurance, Board, Budget, Nonprofit, Records|

Nearly every nonprofit organization in existence can confidently state that their board of directors reviews and approves financial reports (generally the statement of financial position, statement of activities, and often a cash flow statement) at each meeting. However, many boards are missing out on a valuable opportunity in gathering important information to assist with [...]

5 Reasons Outsourcing Works for Growing Businesses

By |2019-12-09T13:07:09-06:00November 27th, 2019|Accounting, Advisory, Goals, Internal Control, Payroll, Tips|

As your small business grows, the demands on your time and energy grow, too. You and your employees can find yourselves consumed with activities that creep beyond your passion and proficiency. This can be risky for your business, at worst, and boring or unfulfilling for you and your employees, at best. Many business owners [...]

Setting the Record Straight – Overhead Costs Are Essential for Sustainability and Growth

By |2019-12-09T13:08:31-06:00November 21st, 2019|Assurance, Budget, FASB, Nonprofit|

Being honest and transparent about overhead costs (i.e., Management & General, Fundraising, etc.) is vital in educating stakeholders on the cost of delivering services. Many people think of overhead as a negative part of doing business, thinking it is something to be minimized in order to maximize something (such as profits or other measurables). [...]

What Your Financials Say About Your Business

By |2019-12-30T14:09:46-06:00November 21st, 2019|Accounting, Advisory, Goals, Tips, Value|

As a small business owner, it can be overwhelming when trying to review and understand your company’s financial statements. Luckily, there are several ratios that you can utilize to help better understand what the financial statements are trying to tell you. This article lays out several of the key management ratios that are used across [...]

Should Gifting Be Part Of Your Succession/Transition Plan?

By |2020-01-16T15:29:45-06:00October 5th, 2019|Accounting, Advisory, Agriculture, Gifts, Preparation, Succession Planning, Tax, Tax Reform, Tax Services, Value|

There has been a lot of commotion in the gifting arena recently. Gifting is something to consider when moving farm assets from one generation to another. Particularly land if the intention is to keep it in the farming operation indefinitely. Timing may be of the essence when it comes to gifting decisions and getting [...]