Blog

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-05-22T10:02:27-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

How to Prepare Your Employees for Change

By |2019-03-29T13:10:28-05:00February 20th, 2019|Advisory, Change, Leader, Morale, Preparation, Tips|

There is a famous quote stating that only two things are certain in this world: death and taxes. However, it’s obvious there are actually three certain things; the third one is ‘change.’ Everyone has experienced a change in their personal or professional life at some point. Sometimes change is by choice and other times it [...]

Business Brokers vs. Business Appraisers – 3 Key Differences

By |2019-04-17T15:36:39-05:00February 13th, 2019|Advisory, Business Valuation, Change, Sell, Tips|

For full disclosure, I want to start off this article by leveling the playing field on perspective by saying I am an accredited business appraiser and have no experience as a business broker. The purpose of this article is to provide insight into key differences between costs associated with the services of a business broker [...]

Do You Really Need An Audit?

By |2019-04-18T12:06:47-05:00February 6th, 2019|Assurance, Board, Compliance, Internal Control, Nonprofit|

For those of you that go through an audit each year, you know how costly and time consuming they can be. You may have wondered, “Do I really need an audit? Is there something else that I can do to satisfy my financial reporting requirements?” To accurately answer those questions, you first need to understand [...]

Top 10 Accounting Acronyms Every Business Owner Should Know

By |2019-04-05T14:59:26-05:00January 30th, 2019|Accounting, Advisory, Cash Flow, Tips, Value|

You need accurate financial information to help you measure the results of all the hard work that goes into your business. The problem is, your accountant uses more acronyms than your teenage daughter’s text messages. This leaves you feeling frustrated and confused. You can either smile and nod until the conversation ends or spend the [...]

Decoding the Nonprofit Financial Lingo: Statement of Financial Position

By |2019-08-14T09:57:43-05:00January 23rd, 2019|Accounting, Advisory, Assurance, Cash Flow, Nonprofit, Tips|

In each of our chosen fields and careers, there is often some industry-specific language that gets passed around. Nonprofits have their own sets of terminology that can be different and confusing. Whether you’re an accountant, board member, volunteer, or curious potential donor, getting to know the lingo used in non-profit accounting can be important and [...]

What to Consider When Selecting an Employee Benefits Plan

By |2019-01-16T09:51:45-05:00January 16th, 2019|Accounting, Advisory, Economy, Employment, Insurance, IRS, Tax|

For business owners, identifying ways to provide fringe benefits to attract and retain employees has become more crucial than ever.  In this era of low unemployment rates, having a competitive advantage in the labor market can be difficult. This will, in turn, impact a business’ ability to recruit and retain qualified employees and keep operations [...]

Highly Appreciated Assets: Should You Keep it, Sell it, or Die with it?

By |2019-01-16T09:51:09-05:00January 9th, 2019|Accounting, Agriculture, Estate Planning, Executor, IRS, Preparation, Tax, Tax Reform, Value|

Keep it, sell it, or die with it may seem like strange choices, but with highly appreciated assets, those may be the very choices that need to be considered.  Examples of highly appreciated assets include real estate and stock investments which have gone up significantly in value.   Let’s look at an example.  To Sell Or [...]

S Corporation or C Corporation – What is Right for My Business?

By |2019-01-16T09:52:18-05:00January 2nd, 2019|Advisory, Change, Deductions, Shareholder, Tax, Tax Reform, Tips|

The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure.  The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]

Dissipation Claims in Marital Disputes – They Can Be Costly

By |2019-04-17T15:36:55-05:00December 28th, 2018|Change, Damages, Forensic Accounting, Home, Investigation, Litigation Support, Saving|

Studies say that more than 50% of all marriages will end in divorce and one of the major breaking points are disagreements around finances. It’s not surprising that many divorces end up in legal battles over some financial matter. One common type of these disputes is known as a dissipation claim. Generally, a dissipation claim [...]