Category: Outsourced Accounting

As of July 31, 2024, Intuit will stop offering new subscriptions for several QuickBooks Desktop products, marking a major change in how these services are delivered. This change is part of the transition that started in 2022, when Intuit made QuickBooks Desktop subscription-only—a response to a wider industry trend towards subscription-based services. For business owners and not-for-profit managers, keeping up with these developments is essential to ensure smooth and uninterrupted accounting processes. Upcoming Changes to QuickBooks Desktop QuickBooks Desktop is… Read more ›

Accounts payable fraud is a prevalent type of deception that targets a company’s accounts payable department, which is responsible for managing payments to suppliers and vendors. This form of fraud can be perpetrated in various ways: internally by employees, externally by vendors, collaboratively between the two or, increasingly, by outside parties aiming to redirect funds. To combat this, it’s essential to establish robust internal controls and effective verification processes. Understanding ACH and Check Fraud Risks ACH Fraud Risks ACH fraud… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. What is CECL? Current Expected Credit Losses (CECL) is a new accounting standard requiring a shift in accounting for credit losses from an incurred loss methodology to an expected loss methodology. Accordingly, recognition of allowances… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. ***Beginning with tax year 2023, for forms filed in 2024, taxpayers who file 10 or more information returns of any type in total must file them electronically.*** It is time to submit 1099-NEC forms before… Read more ›

Whatever the size or stage of your business, success requires strategic decision-making, effective allocation of time and resources, and concentration on the organization’s core competencies. Outsourcing your organization’s accounting function to a professional provider will allow you to stay focused on these crucial aspects. Further, increased controls, better compliance, and timely and accurate financial information will minimize risks and strengthen your ability to make decisions.  In addition to the primary benefits below, business leaders report greater scalability and access to… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. Many fiduciaries believe cash to be synonymous with risk-free. This is not always the case. Regardless of market conditions, stakeholders want confidence that an organization’s cash is secure and insured. The standard Federal Deposit… Read more ›

Councilor, Buchanan and Mitchell (CBM) works closely with clients to protect their financial and data operations from phishing attacks and criminals seeking access to corporate networks to steal or hold private, customer-related information for ransom. Members of CBM’s outsourced accounting and advisory team recently prevented a business from falling prey to a phishing attack and potentially losing a considerable sum of money. The client had reached out to a vendor to obtain ACH information for sending a payment electronically. When… Read more ›

Comprehensive financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, income statement and statement of cash flows. Together these reports can be powerful diagnostic tools to help evaluate the financial well-being of a business. Moreover, by carefully analyzing them, you may be able to uncover potential money-management problems or even fraudulent activity. Balance Sheets Show Assets vs. Liabilities The balance sheet provides a snapshot of a company’s financial health at a moment in… Read more ›

It’s not uncommon for an incoming partner in a professional firm to take out a personal loan to finance all or part of the cost of acquiring an ownership interest. If some of your firm’s partners have done this, they need to know the proper federal income tax treatment of the resulting interest expense. Such partner-level interest expense is sometimes called “outside interest” because it comes from a personal loan that is outside of the partnership. IRS guidelines say outside… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. Standard business insurance policies may provide coverage for certain types of cyber incidents. For instance, if you lose electronic data as a result of a computer virus or hardware failure, your insurance may pay recovery… Read more ›