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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
The term data security broadly refers to defensive measures put into effect to prevent unauthorized admission into computers, databases, websites, and any other places data may be stored. Data security is typically applied to systems which protect personally identifiable information (PII). Examples of more sensitive PII include social security numbers, driver’s license numbers, full [...]
Our friends, Bob Hodges and Colin Hendricks, and their estate planning group from BrownWinick – Attorneys at Law, are focused on assisting individuals and business owners in structuring their operation so that assets (business and personal) transition from one generation to the next in a smooth and tax-efficient manner. BrownWinick is a full-service law [...]
Our friend, Rena Striegel, owner of Transition Point Business Advisors, is focused on the human and emotional aspects that often cause hurdles and setbacks if not dealt with. Here’s a little bit about Rena and what she shared with us about her role in succession planning. Rena Striegel is an internationally recognized business coach [...]
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 [...]
