The preliminary phase of an audit teaches us about our client’s major changes throughout the year, what kinds of internal controls they use, and what strategies we may need to implement during the audit itself. This knowledge isn’t just helpful, it’s necessary to make the audit process smooth, simple, and stress-free.
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Monthly financial statements are key supports of an organization’s financial stability. They help those in charge of governance make decisions based on their financial position, which means they need to be both accurate and timely. The key to generating financial statements is being able to close the books each month easily and accurately.
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If you’ve ever entered a transaction incorrectly, you’ve likely forced an accounting software to correct the mistake using a journal entry. Though this manual override is versatile and powerful, it can also create vulnerabilities in your organization’s financial records.
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New Tax Imposed on Nonprofits Prior to the Tax Cuts and Jobs Act, certain for-profit employers were allowed a tax deduction for the costs related to qualified transportation and parking benefits provided to their employees. However, this deduction was eliminated by the Tax Cuts and Jobs Act. As a result, nonprofits that provide transportation and…
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Whether you’re getting ready to send your hundredth audit RFP or are creating your first one, it’s important to make sure it’s doing the work for you. A well-written, clean-cut RFP will tell you right away which auditing firm pays attention to details and is worth every penny of their fee.
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When David and Latesha met some of our new clients, their first impressions were distant and nervous. But after only a few days together, cold, professional handshakes melted into warm embraces. Latesha shares her experience of making friends with near-strangers in this Tale from the Trail.
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Starting with FY 2018, Rural Development properties report their financial statements a little differently than before. Fortunately, these changes bring simplification and alignment with other government agencies, like HUD. Some low-risk properties don’t even need to perform a yearly audit anymore.
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Love them or dread them, meetings are a ubiquitous part of the modern business world. Learning to harness these moments as forces for positive change begin with knowing how to value both the leaders and participants of every meeting.
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2018 HSA Contribution Deduction Limit Restored to Original Level of $6,900 Before the Tax Cuts and Jobs Act was passed, the 2018 limit on deductible HSA contributions for account owners with family coverage was scheduled to be $6,900. However, the Tax Cuts and Jobs Act included changes to how annual inflation adjustments are calculated for…
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Calculating surplus cash without an experienced accountant can be tricky and downright dangerous. If you do the calculation early, however, our accountants will be happy to review, re-calculate, and make suggestions where needed so you take home the right amount of surplus cash.
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