Blog

Becky Gibbs | Nov. 20, 2024

How Do Accounting and Tax Profitability Metrics Differ

The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors and other stakeholders…

Becky Gibbs | Nov. 7, 2024

How to Report Contingent Liabilities in Your Company’s Financial Statements

It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under…

Ali Hansen | Oct. 23, 2024

How Do External Auditors Evaluate Audit Risks?

As calendar-year entities wrap up financial reporting for the year, their external auditors work behind the scenes to prepare for…

Randy Feld | Sep. 30, 2024

Reminder: Profits and Cash Flow Aren’t the Same

Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe…

Becky Gibbs | Apr. 30, 2024

How to Communicate Accounting Information to Laypeople

Accurate, timely financial information is key to making good decisions for executives, board members, investors and other stakeholders. But not…

Emiley Sandvik | Apr. 12, 2024

Getting a Handle on Inventory

Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include…

Emiley Sandvik | Mar. 15, 2024

How to Minimize Billing Bottlenecks

Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good…

Becky Gibbs | Feb. 27, 2024

Why It’s Important to Get Your Company’s Financials Done on Time

Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the…

Anna Lovegren | Dec. 28, 2023

When are Sponsorship and Advertising Payments Subject to Tax?

Sponsorship and advertising dollars can provide a real boost to your not-for-profit organization’s income. However, if sponsors or advertisers receive…

Becky Gibbs | Oct. 5, 2023

Do You Have to Return a Donation When a Donor Requests It?

If a donor has never asked your not-for-profit to return a gift, it may only be a matter of time.…

Becky Gibbs | Dec. 14, 2022

New Accounting Standard: Does it Affect Your Nonprofit?

An accounting standard from the Financial Accounting Standards Board (FASB) that takes effect in mid-December, 2022, could require your not-for-profit…

Becky Gibbs | Oct. 31, 2022

The Audit is Over. Now What?

Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if…