By MarksNelson on January 30, 2018While it may seem difficult to comprehend the notion of stealing cash from a nonprofit organization, people with ill intentions do it all the time, and smaller nonprofits are especially prone to this devious practice
By MarksNelson on September 18, 2017In early August, the FASB issued a proposed accounting standard update to clarify and improve accounting guidance for contributions received and made.
By MarksNelson on July 7, 2017Communication breakdowns between a nonprofit organization’s development and accounting departments can lead to confusion, embarrassment and, worse yet, financial problems. Nonprofits, therefore, must take proactive steps to facilitate collaboration between these two critical functions. Here are three tips:
By MarksNelson on May 5, 2017The new revenue recognition standard will be adopted by private companies for periods beginning after Dec. 15, 2018. The implication for private companies that utilize a calendar year end is that the upcoming year should ideally be spent preparing for this transition. That said, companies should be aware early on that the accounting function may not possess all the knowledge needed to make this transition.
By MarksNelson on April 2, 2017Audited financial statements typically come with an additional value that you might not be aware of: the management letter. Take a few minutes to review this letter. It generally contains advice on ways to make your business more efficient and profitable — and less risky.
By MarksNelson on November 30, 2016Business lending in the U.S. continues to climb as 2016 winds to a close, and many businesses considering 2017 growth plans will undoubtedly seek financing in the coming year.
By MarksNelson on November 10, 2016With the day-to-day activity involved in property management, it’s not surprising that commercial landlords often pay little attention to the terms of their long-term leases unless problems arise or renewal is on the horizon. But there are other circumstances that might call for you to review and update your leases.
By MarksNelson on August 3, 2016A common practice among companies with significant amounts of inventory is to perform cycle counts instead of a year-end count. A company with significant amounts of inventory that comprise of small, identical items with high turnover might be a good candidate for cycle counts and should consider making the switch.
5 Things You Need to Know About Preparation of Financial Statements Under the New SSARS No. 21 GuidanceBy MarksNelson on May 17, 2016Preparation services performed in 2016 will be covered under the new Statement on Standards for Accounting and Review Services (SSARS) No. 21. Submission of financial statements to a client who is not required to or has not engaged the accountant to perform an audit, review, or compilation must follow the new SSARS No. 21 guidance. Here are 5 things to know if your accountant suggests these preparation services:
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