News & Insights

August 3, 2022

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.

August 1, 2022

Evaluating “going concern” concerns

Is your business struggling? If you have “substantial doubt” about its ability to continue normal operations, you may encounter financial reporting issues. Here’s important information to review.

July 27, 2022

What revenue numbers can reveal about your nonprofit’s financial health

You don’t have to wait for the next scheduled audit to assess your nonprofit’s financial health. Instead, think like an auditor and review revenue numbers for negative trends. Here’s how.

July 26, 2022

Give your construction company’s bonding capacity a solid foundation

A high bonding capacity is a strategic objective of many construction businesses. How do you build it? With a solid foundation. For starters, ensure your financial statements are complete, accurate and timely. One critical indicator is profitability. Projects that suffer from “profit fade,” when gross profits shrink over the course of a job, often indicate weaknesses such as inaccurate estimating and sloppy management. Sureties also want to see strong working capital, which is defined as current assets minus current liabilities. To improve this, consider deferring year-end bonuses or refinancing short-term debt with long-term debt.

July 21, 2022

Businesses: Act now to make the most out of bonus depreciation

If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.

July 18, 2022

Remote auditing: A brave new world

Pandemic-related lockdowns have forced auditors to conduct many procedures off-site. That change may not necessarily be temporary. After realizing the potential benefits, remote audit procedures may be part of the “new normal” going forward.

July 14, 2022

Weathering the storm of rising inflation

Business owners: When it rains, it pours. Inflation may be putting a damper on economic optimism, but there are ways to brighten your horizons.

July 13, 2022

SDAT Raises Business Personal Property Exemption From $2,500 TO $20,000

July 13, 2022

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.

July 13, 2022

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.

July 8, 2022

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.

July 7, 2022

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.