Blogging Beyond the Numbers

Wouldn’t it be great if you could find a document on your computer without having to hunt around or open several files before you found what you were looking for? More than ever before we need to be able to function digitally for work, and that includes storing and accessing your accounting records. The goal of naming files is to ensure that the document is not only easy to find but that you can also ...

Due to the COVID pandemic, there have been declines in profits and tighter cash flows that have really put a strain on a lot of non-profit organizations. There are a lot of financial indicators to assess the organization’s financial health, but the following are some key ratios that can be used to help determine if the organization needs to make some proactive changes before it has to permanently close i...

The Internal Revenue Service has released the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable and medical purposes. [table id=12 /] The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the...

For many not-for-profit organizations, the challenges of the pandemic continue. Board members have a fiduciary responsibility to oversee and protect the not-for-profit’s finances and reputation. As we approach the conclusion of 2020, now is a good time to be planning ahead and asking the board of directors what financial information is important to them. Since every organization is unique, the best pract...

This Fall, more and more nonprofits are starting to host virtual special events, taking place for some of the traditional in-person events. A number of nonprofits have creatively found ways to arrange for pickups of food, beverages, and other goodies to enjoy during the online event. Tickets for these events are generally partly a contribution and partly a payment for goods or services received by the dono...

Net income received by a tax-exempt organization may be subject to federal corporate income taxation if the income is generated by the performance of an activity that is a trade or business, is regularly carried on, and is not substantially related to the organization’s tax exempt purpose. One area of debate has been whether an organization’s production of a convention or trade show was an activity tha...

Many not-for-profit organizations rely on contributions of nonfinancial assets, commonly referred to as gifts-in-kind, to help achieve their missions. A new Accounting Standards Update issued by the Financial Accounting Standards Board (FASB) will require not-for-profit organizations to provide additional information about gifts-in-kind they receive. Examples of gifts-in-kind include contributions of lo...

It is no secret that 2020 has been a year of change, abnormality, and uncertainty. Many of us have had to adjust to a remote environment and do things virtually that we traditionally haven’t been accustomed to do. The same can be said in the accounting and auditing world. For some, going through an audit of your organization is a stressful and busy time, and adding an extra layer of complexity by doing i...

When you outsource your accounting, you’re forming a connection with someone who can not only handle the books, but also help your company reach its goals. The better your relationship is, the more your company will benefit. Here are 5 tips for making your outsourced accounting relationship successful: 1. Be clear about your expectations. When you outsource your accounting, make your pri...

How should I adjust my internal controls while working remotely? It’s no surprise that one of the most commonly asked questions our assurance department receives from clients lately is “how should I adjust my internal controls for COVID while working remotely?” It’s a question everyone is curious about and looking for recommendations on. The answer isn’t as cookie-cutter as some may think, giv...