There is no denying that the year 2020 has changed the current state of how we work individually, and how we work as a member of a team. The events of 2020 will also more than likely become a catalyst for how we work in the future. During the last six months, I think it’s [...]
You’ve built a successful business, and now you’re ready to move on. However, thinking about how to get out of the business you spent your life getting into can be uncomfortable. There’s a lot to consider, strategically and emotionally. Successful transitions don’t just happen, and unsuccessful transitions can undermine everything you’ve worked for. Only 30% [...]
Everyone is learning and adjusting during this COVID-19 pandemic because every day is different, requiring us to live, work, and play in ways we had not before. As the world feels the economic challenges of the COVID-19 crisis, there are new challenges that are arising for nonprofit organizations, especially with maintaining donor involvement. While this [...]
In the current economic and social climate, turnover is inevitable. Talented people land different jobs, move away, or retire. When turnover happens in your accounting department, most organizations experience some uncertainty and concern over the accounting function. You may wonder “how will we produce our financial reports next month?” or “how can we do [...]
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 – Leases (Topic 842), which contains substantial changes in the accounting for leases by lessees: organizations which lease assets. The new lease accounting guidance will require lessees to record an asset and liability on the statement of financial position [...]
The time has come to begin transitioning out of the business you’ve spent your life building, but where do you begin? Whether you are selling to family, current employees, or an outside party, there are several deal structures to evaluate. We’ll discuss things to consider with various structures but always encourage you to establish [...]
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 [...]
Do you feel like you get caught up in the day-to-day details of your business and never have the opportunity to work on the business itself? This is exactly how our firm’s leadership group felt here at TDT. Fortunately, we found Traction: Get A Grip On Your Business, by Gino Wickman, and it changed [...]
To keep score of anything, you have to identify the triggering event. It can be a ball going through the hoop or matching up numbers on a bingo card. In a business environment, a company may have hundreds of triggering events, also known as Key Performance Indicators (KPIs). Measuring KPIs will provide a value [...]
New Accounting Standard Update (ASU) 2016-14 The Financial Accounting Standards Board (FASB) issues these new standards. This new standard affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and is effective for fiscal years beginning after December 15, 2017 (Calendar Year 2018 or Fiscal Year 2019). ASU 2016-14 [...]
