Category: Accounting
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What do LinkedIn users like to read?
I’ve now published 147 blog posts through the “Pulse” feature of LinkedIn over the past two years (September 1, 2014 to August 31, 2016) to promote my new accounting practice. This seems like a good time to pause take a look back at reader response. Sara Rosenberg, a business adviser, suggested a while ago that I…
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Contemporaneous travel log required
Accountants have generally not done a good job communicating the legal concept of “contemporaneous log”; a term legally required under tax law to take a mileage reimbursement or deduction for business travel on a personally owned automobile. Programs like MileIQ do a great job but I still think that a taxpayer needs to understand the underlying…
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Evaluating the risks and rewards of small business crowdfunding
I’m now loosely tracking 17 activity different US-based small business crowdfunding portals. This excludes all the portals intended for personal or charitable crowdfunding that would bring the total to 31. The number of investment options continues to grow and the field continues to grow more complicated. The risk to investors remains high and grows in…
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The problem with BNI
Five reasons why lead exchange groups won’t work for me Last month I was invited as an observer to a local meeting of Business Networks International (BNI). The accountant who invited me is a great person and an impressive professional. The meeting and individual members made a strong positive impression on me. The individuals I met were…
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So you’ve been asked to be a board member
So you’ve been asked to serve on the board of a nonprofit organization. What do you need to know? You want to learn enough about the organization to do a good job as a director. You should also understand that there is potential legal liability for serving as a board member. Since nonprofit organizations do not…
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New rules for nonprofit financial statements
On Thursday August 18, 2016 the Financial Accounting Standards Board (FASB) issued new guidance on financial reporting for nonprofit organizations. The FASB is the governing body responsible for developing the financial statement standards used by the accounting profession. The new rules affect charities, foundations, colleges and universities, health care providers, religious organizations, trade associations, and cultural…
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My third favorite accountant
How I found a flaw in my marketing plan I’ve spent time recently and even posted a few prior blog posts on my struggle to realign the marketing of my 18-month-old accounting practice. I planned to have referrals as the primary source of new business so I’ve engaged myself in community groups, various board positions, networking groups,…
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Pricing of nonprofit accounting service worksheet
I created a new worksheet for calculating accounting service costs for small nonprofit organizations at http://www.wealthmanagement.us.com/pricing/ The intent is to show that the package of services can be provided at a lower price than the som of its individual parts. For more information on improving performance of nonprofit organizations, request a copy of my booklet “What…
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IRS does not pay ‘bounties’ to retirement plan auditors
I found this interesting exchange in the reader comments on Employee Benefits Adviser. I changed the names and of course can’t vouch for the authenticity of the writers. The article topic was the increased rate of audits of retirement plans since the IRS is aware that a high percentage of retirement plans have major deficiencies.…
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More warnings of crowdfunding fraud
“There was a time when a fool and his money were soon parted, but now it happens to everybody”. Yesterday GrindTV ran an article about more crowdfunding fraud. Investment without responsible independent financial oversight leads to disaster. That’s why the accounting profession exists. Investors simply need a healthy dose of reality here. The most basic…