Your basic financial statements report what has happened in the past – these are lagging indicators. Those numbers are certainly important, but they only tell you what has already happened. If you don’t like the results, there’s nothing you can do to change them. However, to impact future results, you must also identify Key Performance [...]
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 [...]
What is the Cloud and How Does it Work? When you hear the saying, “your data is in the cloud”, it doesn’t mean your data is actually stored in a cloud about to drop torrents of rain upon you. The “cloud” merely means that your software and services are running through the internet instead of [...]
When presenting financial reports to your board or to staff outside of the finance team, do you find a lot of drooping eyelids and confused looks? Unfortunately, many individuals will tune out when financial reports are given because they can’t relate to the information. As a resource for many nonprofit organizations, we at TD&T come [...]
Having employees is not only critical to the operations and success of your business, but they also add compliance and record-keeping requirements that are sometimes overlooked. Many small and medium-sized companies do not have the need or financial resources to hire a human resource professional; therefore, those duties normally fall on the controller, bookkeeper, or [...]
Why are receipts required? Before we take a deep dive into the various situations of when a receipt is actually required, let’s look at why the IRS wants organizations to provide receipts. For 501(C)(3) organizations that want to remain a public charity they must be publicly supported. Public support refers to the amount of support [...]
State and local governments levy sales and use taxes. For that reason, the laws regarding sales and use taxes vary broadly by state and by local government. The involvement of so many governmental entities can make the sales/use tax process cumbersome, complicated and confusing. If your business operates in multiple tax jurisdictions, you will likely [...]
“Our clients ask all the time how long they need to keep records,” according to Lyndi DeVries. Advice differs somewhat depending on the source, but some common-sense guidance can help you answer this question for yourself and your company. What Records Do You Need to Keep? The nature of your business will probably determine [...]
