blog
January 15, 2018
Two Sets of Books?!

You don’t have to be Tom Petters or Al Capone to have two sets of books.  In fact, I believe that most if not all businesses can benefit from having two sets of books (financial statements), legally. ...

January 14, 2018
Do You Need a Retirement Plan Audit?

As your company continues to grow, the number of participants in your retirement plan will likely grow as well. This can often trigger the need for an audit of your retirement plan. If your plan is approaching 120 participants, it’s time to start thinking about the audit process....

January 11, 2018
Benefit Plans: Your Responsibility – As Important as Your Employer’s

Are you investing in a benefit plan through your employer?  If you are, do you regularly check the deduction from your pay check?  Do you receive monthly or quarterly statements summarizing your account activity?  Do you read those statements?  Do you know what to do if you notice something is not correct?  ...

January 2, 2018
Cash Flow Statements – General Basics

Cash is King! This is what I hear from many clients. It is very true since it is the deciding factor for many business decisions....

January 2, 2018
Find time for strategic planning

As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end....

January 1, 2018
Working as a Real Estate Professional

Rental property is a complicated subset of passive activities and making a real estate professional election can make a huge difference for people with rental losses.  Real Estate Professional basically means your full time job is real estate and it allows you to switch passive rental losses to active. ...

January 1, 2018
What is an Audit?

Many companies or organizations that borrow from a bank, are looking to raise capital, looking to potentially sell the entity, or meet certain Federal or state specifications, are required to have some kind of independent or outside assurance of their financial statements by a certified public accountant....

January 1, 2018
Officer Life Insurance

Many companies have life insurance on key employees and officers.  Kind of grim subject, but obviously if the key officers or shareholders get hit by a bus and dies, the company is going to have some rough times.  The life insurance proceeds can certainly help....

January 1, 2018
Small Business – Fraud Environment & Risks

Increased financial pressures during the current economic downturn have led to an increase in fraudulent business behavior.  It seems like you can’t read the daily business news and not see some article regarding embezzlement.  It is occurring across all sizes of business and industries....

January 1, 2018
Do Reviewed or Audited Financial Statements Add Value?

Many privately held companies have their financial statements compiled, reviewed or audited due to requirements from a governmental agency, lender, or a bonding company, but what other advantages can these services provide to a company besides meeting a requirement?  ...

December 26, 2017
7 Steps to Choosing a Successor for your Family Business

There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up...

December 5, 2017
Why Are They Always Asking About Fraud?

Ever wonder why your auditors are asking for seemingly insignificant items or for detail on an insignificant financial line item?...