Accounting firms must stay abreast of laws and requirements for tax, accounting and audits. Many accountant offer financial advice and help individuals and small businesses develop budgets and set financial goals. Whether you need someone to handle weekly accounting/bookkeeping services or you just want reliable tax advice, you’ll be happier with your choice if you ask some preliminary questions.
Certification - Tax preparation firms hire and train tax preparers to assist the public in filing income taxes, but these firms can’t offer in-depth advice to small businesses. In general, the greater your accounting needs, the more you’ll benefit from a general accounting firm that employs certified public accountants, or CPAs.
Fees - Accounting fees vary, so it is important to gain an understanding of how the firm you select charge for services.
Service - If you need complete bookkeeping services, look for a full-service accounting firm that employs bookkeepers who handle day-to-day client transactions. If you need some sort of assurance service, you will need a CPA.
Synopsis of Video:
Relates to Grant Management for the recipient of Federal funds.
Read more below:
Due to snow, an alternative topic will be discussed today.
There are a few that can't wait to get up every morning, begin their morning ritual, go to work, and manage their businesses (or chosen path in life). These are the true business leaders of the world. Here are a few examples to drive home the importance of perseverance in business. These examples were offered by Steve Tobak, editor.
Jeff Bezos founded Amazon in 1994, He says it was the tenacity of a highly competitive, results driven culture built on a version of survival of the fittest called 'purposeful Darwinism.'
Steve Jobs said in a 1995 interview, "I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. It is so hard and you pour so much of your life into this thing, there are such rough moments in time that most people give up. And I don't blame them, it's really tough." Indeed Apple has persevered; the company was nearly bankrupt when Jobs returned as CEO in 1997.
Nobody got Google at first. Larry Page and Sergey Brin pitched their idea for a standalone search-engine company all over Silicon Valley before Sun co-founder Andy Bechtolsheim finally wrote them a check for $100,000. It took years before Google came to dominate the market, and become a popular verb all over the world.
Lastly, as Tommy Newberry stated, "No matter who you are, your progress and success in life will depend, more than any other factor, on how you invest the twenty-four hours you're blessed with each day."
Most nonprofits are not prepared for the new requirements/regulation by Federal agencies regarding Federal Awards. In addition to many of the old requirements under OMB A-133, there are added changes to the new requirements under Uniform Guidance. Next week, we will begin providing audio and/or video series on many of the topics that will affect nonprofits receiving grants. The topics and video/audio series will be listed on the 'Resources' tab. Effective dates to implement policies and procedures are to be in effect for all new Federal awards made on or after December 26, 2014, and to incremental funding made after that date.
To update readers of the blog, we will update you with some information discussed during these sessions.
We want you to be prepared with managing your grants. ARE YOU READY?
As posted on Accountants World Daily by Isaac M. O'Bannon, Managing Editor, there are five trends to watch for in 2016.
Five Trends to Watch in the New Year
Looking at key trends that will help shape the employment landscape in 2016, several are tied to higher competition for talent, innovation in sourcing and developing high-skill workers, and a push for more diversity in leadership.
Expenses that directly relate to a program or service are applied directly to that program, but there are instances where expenses need to be allocated across two or more expense categories. An example would be if you have grant awards where there are employees work on multiple awards or purchases of supplies are used across multiple expense categories.
An assessment of your allocation methodology should be made at the start of each fiscal year.
According to BusinessNewsDaily.com, there are five areas that small businesses should consider investing for future development and growth. Although the article was addressed to small sized businesses, the areas of interest can be applied regardless of the size of business.
Below is PAAS's ideas for each of the stated items identified in the BusinessNewsDaily.com review.
The AICPA'S Governmental Audit Quality Center (GAQC) occasionally opens its Web events to non-members.
The GAQC has scheduled one such event that may be of interest if you are a recipient of federal awards. It is titled, Preparing for a Singe Audit: An Auditee Perspective, to be held on Thursday, January 16, 2016, from 1:00 PM - 3:00 PM (Eastern Time). This web event is intended to assist auditees in the very important role they play in the single audit process under OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (Uniform Guidance). If you wish to participate in the event for CPE, I have provided the registration link below where you can find out more about the topic, the cost of the event, and registration information.
Audtiee CPE Web Event Registration Link:
If you are not interested in obtaining CPE, there is another option for you to view the event using a no-CPE option. FREE. The event will be archived on the GAQC Web site for later viewing and I can notify you once it is available. Just comment below and I will give you the information.
These items can be accomplished one per month, but use this information to begin updating your operations.
"Success is possible if you are a worker, planner, learner, dreamer and a believer."