Should your business address retirement plan leakage?
Business owners who offer employees a qualified retirement plan should familiarize themselves with the term “leakage” and how to help prevent it.
Keeping your nonprofit’s remote workers connected
Many employees have embraced the opportunity to work from home during the pandemic — but not all of them. Some workers have experienced feelings of disconnection and isolation. So if your not-for-profit plans to make remote working a longer-term proposition, you should look for ways to make everyone feel connected to the job and their colleagues.
Take your financial statements to the next level
Financial statements should be more than an exercise in compliance. Fit companies put their financials to work for them.
Audit disclosures: Why the fine print is important
Audited financial statements contain footnotes that disclose a wealth of useful information. Too often, however, no one bothers to read them.
New tax reporting requirements for payment apps could affect you
If you receive payments through services such as Venmo or PayPal, be aware that there are new tax reporting requirements beginning this year.
2022 tax calendar
To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.
The ABCs of activity-based costing
Activity-based costing (ABC) is commonly used by manufacturers and contractors to learn which products and customers are profitable, identify and eliminate waste, and more accurately price products or bid jobs going forward. With ABC, you assign cost codes to each activity completed based on the resources consumed. Cost codes define the activity; the equipment, materials and labor used to complete it; and how long it takes to finish the task. This information can provide insight into real-time job performance, excessive spending and growth opportunities. Software solutions can help shorten the learning curve. Contact us to learn more about ABC.
Let your financial statements guide you to optimal business decisions
Business owners: No matter how busy things get, don’t overlook the informative value of your financial statements. Assuming you follow U.S. GAAP or similar reporting standards, yours will have three major components: 1) The income statement, which shows revenue and expenses over the accounting period. 2) The balance sheet, which tallies assets, liabilities and net worth to take a snapshot of your financial position. 3) The statement of cash flows, which shows cash inflows and outflows from operating, financing and investing activities. Financial statements contain a wealth of data that can allow you to identify trends, both good and bad, affecting the business. Contact us for help.
Big, small or in-between: Your nonprofit’s board size is up to you
When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to an unwieldy size. The question is: How many directors does your organization need to effectively pursue its mission?
Handle your nonprofit’s restricted gifts with care
Most not-for-profits encourage donors to make unrestricted contributions that will give the organization flexibility to use the money where it’s needed most. But there will always be some donors who place restrictions on their gifts — and these require a higher level of responsibility.
3 steps to a more financially resilient future
It’s a new year with new opportunities for your not-for-profit to boost its financial resilience. Although COVID-19 continues to make forecasting difficult, your staff and your board’s finance committee can take steps to negotiate obstacles. Here are three.
Looking for a 2022 safety net for your business? Act on EIDL funding before year end
As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to apply for COVID-19 Economic Injury Disaster Loan (EIDL) funding, some of which needn’t be repaid.
The U.S. Small Business Administration (SBA) expanded eligibility in September 2021. While you may not have qualified or considered EIDL funding necessary previously, you might want to reconsider in light of yet another wave of COVID infections. But you’ll have to do so quickly, as the application deadline is December 31, 2021.