Types of Budgeting

A central part of managing an organization’s finances is developing and following a budget. It’s imperative to know how much money you have to work with, where it’s coming from, and how you’re going to use it. Money can take on a life of its own, and without...

What to Expect Before, During, and After an Audit

Let’s say you’ve decided to get an audit and have chosen a firm to perform it. What should you expect the process to look like? What will the auditors ask of you and what should you expect of them? The most helpful you thing you can do in advance of an audit is to...

Choosing an Auditor

If you’re required to have an audit, or decide it would benefit your organization to have one, the next step is determining who to hire for the work. Which CPA firm is the best fit? What questions should you ask potential auditors to evaluate them? One factor to...

Does Your Nonprofit Need an Audit?

If you’re the director or accountant for a nonprofit, you’ve probably wondered if you should get, or are required to get, an audit of your financial statements. What value is there in having one? Is it worth the cost of hiring a CPA firm? The short answer is “it...

Accountable and Non-Accountable Reimbursement Plans

If you reimburse employees for work-related expenses which they pay out-of-pocket, it’s important to structure your reimbursement plan as an accountable plan in line with IRS guidelines. If not, the reimbursements will be considered income to employees and taxed at...