When a nonprofit is allocated grant money, every penny must be carefully documented. There are many rules and regulations about how to spend the money granted. It is crucial to meticulously track just how and where every penny is spent. …
The word audit often conjures up negative and fearful emotions. However, an audit doesn’t have to be daunting. In fact, an audit is simply an evaluation of the organization’s accounting systems to verify the accuracy of its financial data. If …
Going through an audit can be a stressful undertaking for a nonprofit organization. It is necessary to have an audit performed by an external auditor every fiscal year. In addition to the external auditor, there are other people involved in …
Remarkably, the world’s most profitable tech company, Apple, has developed tax strategies which have helped them avoid paying billions in taxes. This isn’t unusual for technology companies. Their products aren’t necessarily physical goods but royalties or patents in this digital …
No company wants to be the victim of fraud or embezzlement. In one current case, Pedro Espada and his son stole more than a half a million dollars from a nonprofit health care network. Mr. Espada was the chief executive and …
Good recording keeping and precise calculations are valuable because they provide an accurate assessment of the company. At any time, an executive can take a look at a variety of reports to take the pulse of the business’ success. Your …
Meticulous payroll record keeping helps makes filing tax forms less stressful. You only need to file Form 941 to report all of the payroll related taxes. This form must be filed quarterly. It’s required of all employers who pay wages subject …
The first category of accounts on the balance sheet is the company’s assets. Cash accounts and inventory are listed as current assets. Next, long-term assets are accounted for. These are things owned that are not easily used for immediate needs. …
Accounting like any other profession has it’s own technical symbols, terminology, and principles. In accounting, these elements form the “vocabulary” which is used to convey financial information, especially that information presented in the form of financial statements. Accounting is often …
If there’s anything that everyone of us has experienced as Americans, it is income taxes. Today we will touch very briefly on income taxes and how they are accounted for. The question that most accountants find themselves asking is, “are …