FASB Issues New Guidance on Nonprofit Financial Reporting

Periodically, The Financial Accounting Standards Board (FASB) updates their standards to improve the reporting transparency of on organization.  Starting with calendar year 2018, reporting presentations will change for the improvement of:

Net asset classifications
Financial statement notes about liquidity, financial performance and cash flows.

The changes are significant, so please reach out to your auditor to …

Read More

Establishing a Good Audit Relationship

Many nonprofits are required to have an annual audit, either because of state and federal laws or at the request of funders. Just the word “audit” can stress out the most organized nonprofit leaders. Yet, we suggest nonprofit managers embrace the benefits of working with an audit team, rather than stressing the event.  …

Read More

Benefits of Outsourcing Payroll

Payroll is a vital process within a company, and is too often thought of as just another tedious and time-consuming task. Many organizations find that outsourcing payroll is an effective way of turning extra work on someone’s desk into a beneficial tool for the company.  In fact, Inc. magazine recently identified the #1 task …

Read More

Plan Now and Eliminate Tax Planning Stress

Each year taxpayers find themselves caught off-guard by poor planning and unexpected tax liabilities. Planning for taxes doesn’t have to be hard, yet tax laws are complex and it can be difficult for small business owners to navigate on their own. Changes in tax code are constant, so a quarterly conversation with your …

Read More

Form 1099 – MISC Preparation

Taxes can be stressful without the proper organization and preparation. You can get ahead of the 1099 process by getting organized now. You need to prepare Form 1099 – MISC if you have paid contract workers $600 or more in the calendar year. Reviewing your documentation now will make it easier to meet …

Read More

Impacted by the Equifax Hack? Take These Steps Now!

If you were a victim of the recently announced Equifax hack, you need to take action to mitigate any negative impact it may have on your finances and credit. If you’re not sure if you were affected, you can use Equifax’s Potential Impact tool to find out. You will need to input your …

Read More

Be Prepared for Your Audit

Start Preparing for Your Audit Now!

There are so many things to focus on at this point of the year.

How is the year going to end up?
Do we need to work on fundraising more?
Will our cash balances be enough?
When will we fit in budgeting for next year?

Yes, far more to do than hours in …

Read More

Tips to Balance Cash Flow in a Seasonal Business

Develop a cash flow projection. For looking forward, one of the most important tools is a cash flow projection. Executive directors need to know how the organization’s cash flows and what to do if the cash doesn’t flow! Unless your organization has built a substantial base of operating cash, any nonprofit can run into …

Read More

Nonprofits Start to Prepare Now for Year–End Giving

Bloomerang is a cloud-based donor management software that also happens to be an mAccounting client. Based on their data, 50% of nonprofits receive the majority of their annual donations from October through December, with the biggest spike between Thanksgiving and the New Year. If you don’t already have a plan and timeline in …

Read More

4 Essentials to Understanding Cash Flow Management

Did you know up to 82% of startups and small businesses fail because of poor cash flow management? We’re willing to bet you didn’t start a company based on your passion for cash flow; but as a tech startup, cash flow management is crucial to successfully navigating rapid growth and securing venture capital.

As …

Read More