Reviewing revenue recognition for construction companies
Properly handling revenue recognition is critical for construction companies. Here’s a quick review of the three most used methods.
Is your nonprofit paying enough attention to Generation Z?
Ignore Generation Z at your peril. The latest cohort of young adults is socially conscious, financially generous and hands on. These individuals are more likely to donate to charity at an early age, participate in crowdfunding and contribute on Giving Tuesday. As digital natives, they prefer social media platforms such as TikTok and Snapchat, which may require your organization to create new, narrowly tailored content to get their attention. They’re also more receptive to digital ads than their parents. But they expect outreach to be narrowly tailored to their interests, so be sure you rely on good data to engage them.
lease accounting
Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.
Reviewing — and possibly revising — your nonprofit’s spending policy
Your not-for-profit likely follows a spending policy to determine how much of the value of your investments to tap each year for operating costs and capital projects. Although it’s usually a good idea to stick with an established spending policy, circumstances may warrant changes. There are several types of policies, including fixed rate, rolling average, inflation-based, geometric and hybrid, all with pros and cons. When selecting a model, you should consider how that method potentially could cause you to increase spending and undermine your investments’ long-term growth.
Supplement your financial statements with timely flash reports
Here’s how daily or weekly flash reports can help your organization become more responsive to changing market conditions.
IRS extends relief for physical presence signature requirement
If your business sponsors a qualified retirement plan, such as a 401(k), we have good news: The IRS has extended relief from the “physical presence” requirement related to signatures.
Paying tribute to auditor independence
External auditors are supposed to be public watchdogs who are “independent” of their audit clients, both in appearance and in fact. This may seem like common sense, but independence issues remain at the forefront of stakeholder concerns today.
Is your cloud provider still meeting your company’s needs?
Just about every business stores documents and data in the cloud these days. Make sure your provider is still giving you a strong return on your investment.
How to cut costs instead of your nonprofit’s staff
No nonprofit wants to have to lay off employees due to budget restrictions. Before you cut your staff, read our suggestions for reducing other expenses across your organization.
Oversight and controls are key to limiting fraud in nonprofits
Although your nonprofit can’t control the thoughts of criminally minded employees, you can make occupational fraud difficult to commit. The latest ACFE fraud report provides insights and tips.
Checking in on your accounts payable processes
Managing accounts payable is a critical task for every business. However, once in place, payment processes can get taken for granted. Don’t underestimate the impact of accounts payable on your company’s financial performance. Explore the potential benefits of early payment discounts, volume discounts or other incentives. Implement policies, procedures and systems to ensure that you properly vet vendors and negotiate the best possible prices and payment terms. And of course, regularly examine whether and how to upgrade your accounts payable technology to increase efficiency, reduce costs and shorten the time it takes to process invoices.
Contractors must clear a high bar to claim disruption damages
Contractors often seek damages when an owner’s actions delay a project. But what if an owner disrupts, rather than delays, a job? Proving disruption damages entails clearing a higher bar than that for delay damages. Generally, courts prefer the “measured mile” method, under which the contractor’s cost of work during the disruption period is compared to the cost of the same work during an unaffected period. An important contributing factor, though, is whether the contract includes a “no damages for delay” clause. It might protect the owner from delay liability, but such clauses usually don’t prevent claims for disruption damages. Still, legal counsel is critical. Contact us for more info.