How your nonprofit can break bad budget habits
Your nonprofit may not have always approached its budget efficiently and productively or received the results it wanted. But it’s never too late to try some new budgeting ideas.
Want to see into the future? Delve deeper into forecasting
If your business wants to see what’s ahead, historical data and expert opinion can help paint the picture. That’s financial forecasting in action.
Manage your construction business … and your wealth
Construction business owners: Are you paying as much attention to your personal wealth management as you are to your company’s financials? It’s important to balance the two.
Is your current bad debt allowance reasonable?
A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In light of this uncertainty, many companies are re-evaluating their allowances for uncollectible receivables.
A financial dashboard can take your nonprofit where it wants to go
Similar to the dashboard in your car, a financial dashboard is an instant visualization tool that can tell you whether your nonprofit is running smoothly and efficiently. But it’s critical that you choose the right metrics.
IRS offers penalty relief for 2019, 2020 tax years
The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
How to share your nonprofit’s values and limit fraud losses
Requiring staffers to read and sign a code of ethics enables you to share and promote your nonprofit’s values. As a bonus, these codes are associated with reduced occupational fraud losses.
Maryland Student Loan Debt Relief
Comptroller Urges Marylanders to Apply for Student Loan Debt Relief Tax Credit by Sept. 15
Is your construction company a C corporation? Beware of “unreasonable” compensation
If your construction business is a C corporation, take care that you and other owners aren’t compensated “unreasonably” by IRS standards. A recent court case demonstrates why.
Are your risk-management practices keeping up with the times?
A new report reveals that nearly two-thirds of senior finance leaders believe that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years. But only one-third of the respondents have complete enterprise risk management (ERM) processes in place. COSO’s ERM framework can help you manage uncertainty, consider how much risk to accept, and improve understanding of opportunities as you strive to increase and preserve stakeholder value. Our accounting professionals can help you understand the key components of this framework and devise a cost-effective ERM strategy to make your organization more resilient and responsive in the future.
For a stronger nonprofit, increase the number of income streams
The pandemic tested the financial mettle of most nonprofits. If yours has only barely survived the trial, you may need to increase the number of revenue streams feeding into your budget. Here’s how.
Cyber risks: A critical part of your auditor’s risk assessment
How much does a data breach cost? The average has reached an all-time high of $4.35 million, according to the newly released “Cost of a Data Breach Report 2022.” As businesses and nonprofits increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive, and risks are increasing. Hackers may try to steal sensitive information about your organization’s employees and customers. Or they may steal valuable intellectual property. Auditors factor these threats into their risk assessments. They can also help draft cybersecurity disclosures and brainstorm ways to mitigate your risk of an attack.