Outsourcing Payroll: How It Can Save Your Firm Time and Money

Running a successful accounting firm involves juggling multiple tasks and responsibilities. Payroll management is one of the most critical yet time-consuming functions in running any business. Many businesses manage payroll in-house, and although it may seem like the most cost-effective option, it often leads to inefficiencies, compliance risks, and hidden costs. A viable solution to […]

Making the Most of Year-End Giving: Effective Strategies to Boost Donations

As the year draws to a close, many nonprofit organizations experience a significant surge in donations.  With year-end giving on the rise, nonprofit leaders can tap into this generosity by strategically planning campaigns and engaging with donors in a meaningful way. Whether you’re running an online campaign, hosting offline events, or leveraging social media, there […]

Best Practices for Year-End Reconciliation: A Guide to Accurate Financials

As the fiscal year ends, businesses face the crucial task of year-end closing, a process that not only wraps up financial activities but also sets the stage for the upcoming year. At the heart of this process lies account reconciliation, a vital practice that ensures the accuracy and reliability of financial statements. In this article, […]

The Ultimate Guide to Payroll Management for Nonprofit Organizations

Efficient payroll management is crucial for every nonprofit organization, it ensures employees are paid on time, maintains compliance with regulations, and conserves precious resources. Unlike for-profits, nonprofits often juggle a blend of paid staff, dedicated volunteers, tight budgets, and complex funding sources. This combination makes managing payroll not just an administrative task, but a crucial […]

Protecting Your Practice: A Comprehensive Guide to Risk Management in Accounting

Accounting firms face a diverse set of risks that can significantly impact their operations, reputation, and financial stability. From the pressures of regulatory compliance to the looming threats of cybersecurity breaches, the landscape in which accounting professionals operate is fraught with challenges. As accounting firms increasingly leverage technology and digital solutions, they become more vulnerable […]

Crisis Management: What Every Nonprofit Board Member Should Know

In the nonprofit world, unexpected challenges can come up at any time. These challenges can put an organization’s mission, reputation, and even its survival at risk ranging from financial instability and reputational damage to unexpected natural disasters or public relations issues. Nonprofits are often working hard to support their communities, and any sudden issue can […]

Year-End Accounting: How to Close Your Books and Prepare for a New Fiscal Year

Year-end accounting is an essential process for organizations of all sizes. It not only guarantees that financial records are accurate and up to date, but also sets the foundation for a successful new fiscal year. Properly closing the books allows organizations to evaluate their financial performance, comply with regulatory requirements, and make insightful reports for […]

Accounting Standards Update 2023-08- Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): A New Approach to Fair Value Accounting

On December 13, 2023, the Financial Accounting Standards Board (FASB) rolled out a groundbreaking update with Accounting Standards Update (ASU) 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60). This long-awaited update addresses the accounting and disclosure requirements for crypto assets, an area gaining prominence as cryptocurrencies and other digital assets become more significant in business and investment […]

Streamlining Your Year-End Audit: A Guide to Navigating the Process

As the calendar year draws to a close, organizations across all sectors brace themselves for the critical task of the year-end audit. Whether you’re a nonprofit, a small business, or a large corporation, year-end audits are crucial for ensuring financial transparency, accuracy, and compliance. However, year-end audits can be time-consuming, stressful, and often overwhelming. In this […]

Mastering Fund Accounting: Key to Managing Nonprofit Grants Efficiently

In the world of nonprofit organizations, grants and donations are the lifeblood that sustains their mission-driven activities. Managing funds can be a complex and daunting task, especially when it comes to ensuring compliance with donor restrictions and maintaining financial transparency. This is where fund accounting proves invaluable. By providing a specialized method for tracking income […]