When a business doesn’t have a clear idea of its annual budget, it runs the risk of spending more money than it earns that year. You may have been running smoothly for years, and then decide to expand or replace old machinery. There’s money coming in, so it seems you’re fine. But if you don’t […]
Tag: accounting
Building Trust: Why Transparency Matters in the Nonprofit World
You manage a nonprofit or serve on its board, and you’ve heard that nonprofits need to have an independent audit. You wonder whether your organization needs one and want to better understand what it actually entails. State and federal laws vary in their regulation of nonprofits. Some states require an independent audit, whereas others do […]
5 Tips for Avoiding a Small-Business Audit
Just the words “IRS audit” are enough to make most people roll their eyes or groan in pure agony. More specifically, business owners in particular often fear being audited by the IRS. That said, there are numerous steps people can take when they are eager to mitigate the risks of being audited. Even though there […]