If you were to ask your IT staff about how tech support for remote employees is going, they might say something along the lines of, “Fantastic! Never better!” However, if you asked remote workers the same question, their response could be far less enthusiastic. This was among the findings of a report by IT solutions […]
Category: Internal Control
Updated Guidance For Impairment Testing: When To Consider Triggering Events
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know. Simplified […]
4 Ways To Improve The Effectiveness Of Your Audit Committee
Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking these following four steps to fortify your committee’s effectiveness. 1. Focus on fundamentals Once you’ve wrapped up the financial reporting process for fiscal year […]
Whistleblower Policies Protect Both Staffers And Your Nonprofit
According to the Nonprofit Times, only 41% of not-for-profits have whistleblower policies. Perhaps nonprofit leaders believe their organizations are too small or collegial to worry about illicit activities — let alone people reporting them. Or perhaps a whistleblower policy seems like one more thing that requires time and money they don’t have. This is a […]
Is An S Corporation The Best Choice Of Entity For Your Business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation […]
New COVID-19 Relief Law Extends Employee Retention Credit
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC […]
Making Sense Of Your Statement Of Cash Flows
The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive net income on its income statements sometimes doesn’t have enough cash in the bank to pay its bills. Reviewing the […]
5 Ways To Streamline And Energize Your Sales Process
The U.S. economy is still a far cry from where it was before the COVID-19 pandemic hit about a year ago. Nonetheless, as vaccination efforts continue to ramp up, many experts expect stronger jobs growth and more robust economic activity in the months ahead. No matter what your business does, you don’t want your sales […]
How To Compute Your Company’s Breakeven Point
Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. During the COVID-19 pandemic, however, many struggling companies are using it to evaluate how much longer they can afford to keep their doors open. Fixed vs. variable costs Breakeven can be explained […]
Rebuilding Your Nonprofit’s Operating Reserves
Events of the past year put a dent in many not-for-profit’s reserves. Perhaps you tapped this stash to buy personal protective equipment or to pay staffers’ salaries when your budget no longer proved adequate. As the pandemic wanes and economic conditions improve, you’ll need to start thinking about rebuilding your operating reserves. Back on steady […]