Category: Accounting
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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…
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CPA licensing issues
In the aftermath of my recent unplanned involvement in investigating CPA license reciprocity issues, state licensing and peer review requirements, I conclude four things: 1) The stated intention of the AICPA’s mobility project is largely usurped by the states that do not wish to lose control and revenue from the practice of accounting within their…
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CPA Mobility
This past few weeks I learned more than I care to know about CPA mobility; that is, the ability of a CPA to provide services in a different state than the state where I am licensed. We should hope as professionals and as consumers that this is a clear and easy-to-understand issue. It is not. This…
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PA government says use a good financial adviser
The Department of Banking and Securities is reminding Pennsylvania investors and businesses interested in buying and selling shares in companies through crowdfunding that finding a good adviser is an important first step in the process. “It is important for investors to do your homework and/or seek trusted professional advice before investing money in an equity…
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Hubspot digital marketing
I think that Hubspot’s digital marketing blog has some great information and I try to read as many as possible. I would say that it is the overall highest quality blogs on this important and evolving topic. If I could only read one source of information on digital marketing, I would choose this one. This morning’s…
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Save money by skipping small business accounting
I have a few small business clients who do not bother with traditional accounting. That is, they do not have a system like QuickBooks or something similar to compile, organize and analyze their financial transaction records in real time. In most cases these are sole proprietors. But in one case an owner of a multi-million dollar sales…