The Top Five Limitations of QuickBooks
For many small and mid-sized businesses, Intuit QuickBooks is usually the first choice for financial software in the organization’s early days – and for good reasons. QuickBooks is well-known and very easy to use, and it offers the basic functionality that almost any business can use to get off the ground. Unfortunately, virtually every growing…
FAR-based Government Contract Offsets for PPP Loans
By Paul H. Calabrese, Principal, Outsourced Accounting & Advisory Services If you are a government contractor with a FAR-based government contract and received a PPP loan, regardless of whether it is forgiven, FAR 31.201-5 – Credits may require you to take an offset against cost incurred under certain circumstances. Now is the time to consider…
2021 New Year’s Resolution: CMMC Preparedness
The Office of the Under Secretary of Defense for Acquisition and Sustainment (OUSD A&S) introduced the Cybersecurity Maturity Model Certification (CMMC) in January 2020 as a unified cybersecurity standard for new Department of Defense (DoD) acquisitions. Combining NIST and other cybersecurity frameworks, CMMC is intended to measure cybersecurity maturity using a unified framework that includes…
A High-Performing Accounting System Provides More With Less
Most nonprofits and small businesses begin their financial lives using Intuit’s QuickBooks, which— with more than 80% market share—is by far the most popular accounting application. It’s well known. It’s also easy-to-use, and it offers the functionality a business or nonprofit needs when it’s starting out. But if your business has moved beyond the entry…
Top 10 Tips for Beginning Your Exit Plan in 2021
By Walter Deyhle, CPA/ABV/CFF, MAFF, CExP™, CEPA, Tax Partner and Director of Exit Planning Division Is 2021 the year you will begin planning your future exit from the company? It might be the smartest resolution you ever make. Studies show that business owners who are the most successful in exiting their businesses begin planning their…
Future-Ready your Accounting Department with a Strategic Move to the Cloud
By Yevgeniy Sukhenko, Senior Controller, Outsourced Accounting & Advisory Services The COVID-19 pandemic only accelerated the inevitable for accounting departments around the globe. In March 2020, businesses and nonprofits moved to the cloud quickly and abruptly, whether the organization was ready or not. The days of operating an accounting department with only software housed on…
Charity Navigator Launches Impact & Results Beacon
By Richard J. Locastro, CPA, JD, Partner and Director, Nonprofit Tax Charity Navigator has added another beacon as part of the roll out of its new Encompass Rating System – Impact & Results. This follows Charity Navigator’s acquisition of ImpactMatters and identifies high-impact nonprofits who demonstrate “cost-effectiveness”. The Impact & Results beacon currently includes service…
Charity Navigator Rolls Out New Encompass Rating System
By Katelyn Miller, CPA, MST, Manager, Nonprofit Tax In one of the largest updates in recent memory, Charity Navigator has rolled out the first of four significant changes to their rating system. The Encompass Rating System expands the number of charities the organization rates from 9,000 to 160,000 – the most in its history. What…
IT Security is More Critical than Ever for Nonprofits and Associations
By Melissa Musser, CPA, CITP, CISA, Principal With employees working from home, many nonprofits and associations (particularly smaller organizations) are more concerned than ever about information technology (IT) security. The issue is of even greater concern to organizations whose employees use their personal laptops and other electronic equipment to do their job remotely. With this…
DfID Merger with FCO Creates Uncertainty with UK Aid
By Tricia Katebini, CPA, MBA, Senior Manager, Audit On June 16, United Kingdom (UK) Prime Minister Boris Johnson announced a merger between the Department for International Development (DfID) and the Foreign and Commonwealth Office (FCO). Together the two departments will become the Foreign, Commonwealth and Development Office. Johnson said the merger will “unite our aid…