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.
5 common billing methods in the construction industry
Construction companies have various ways of billing their customers. It’s a good idea to occasionally review your options.
Is it time for your business to fully digitize its accounts receivable?
If your company is still using some paper-based accounts receivable processes, maybe it’s time to fully automate your system. Just be sure to set a feasible budget and invest only in a solution that suits your well-specified needs. Why? Digitalization streamlines the cash conversion cycle. You might even be able to reassign accounting staff from administrative tasks to more value-added ones. Customers like it, too, because they don’t have to write paper checks. Some buyers might submit e-payments more quickly to capture discounts or easily remove a task from their to-do lists. And, assuming it’s secure, the right software can help prevent fraud.
CHIPS Act poised to boost U.S. businesses
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.
external confirmations
External confirmations are one of the simplest, but most effective, audit tools. Do you understand how they work?
Provide employee parking? Here’s what the IRS wants to know
Business owners: If you provide parking to employees as a fringe benefit, the IRS could scrutinize the arrangement during an audit. Key details here.
Promoting your nonprofit with your annual report
If you regard your not-for-profit’s annual report as a yearly obligation or even an unpleasant chore, the finished product probably isn’t much fun to read. Instead, embrace the opportunity to promote your mission and programs to a broad audience. Start by providing clear, easy-to-read standard sections, such as the Board Chair’s letter and financial statements. Then get creative with the report’s description of programs, goals and achievements. Include client profiles and testimonials to personalize your message. And whenever possible, use visual elements such as photos and infographics.