This article highlights the work of Professor John Davis, who has been studying family enterprises and how they work since the 1970s. For example, he mentions how family businesses have natural strengths such as passion and persistence. However, he also discusses how fear of failure and change can be the downfall of these same businesses. .....
By Kim Flett, CPA, QPA, QKA, CHRA and Beth Garner, CPA Being selected for a Department of Labor (DOL) audit is not exactly a prize most plan sponsors want or intend to win. Often, plan sponsors think service providers will take the blame when compliance issues arise. But plan sponsors are ultimately responsible for plan .....
Although intended for small business owners, this article discusses accounting mistakes that can hinder growth in your business no matter the size. First and foremost, failing to hire the right CPA can immediately put a cap on the amount your business can grow. Additionally, topics such as mixing personal and business finances and ineffective billing .....
By Jeff Ward, CPA, CGMA, CITP, CISA, CISSP, CEH Many nonprofits consider themselves unlikely targets for cybercrime, however this couldn’t be further from the truth. The reality is that your organization is a treasure trove of data and often has fewer resources and less cyber expertise to put protections in place. In short, you may .....
This article discusses 30 family business truths that may be hard to swallow but can change the way your business operates on a day to day basis. For example, a high trust culture can be imperative when dealing with sticky situations in the workplace. In addition, focusing on what different members of the family have .....
By Laurie De Armond, CPA A client who serves on the board of a nonprofit recently asked whether the organization’s policy on background checks should also apply to board members, or at least to those with the greatest influence over funding. Determining whether to pursue background checks on board members should take into consideration several .....
This article offers seven different tips that small business owners should be aware of as we enter the new year. From using data to shape your strategies to playing around with different content, these insights could be the difference between you and your competition. Little things can go a long way, and this small business .....
By Joyce Underwood, CPA The IRS Tax Exempt and Government Entities (TE/GE) division functions to help organizations and entities understand and comply with applicable tax laws and to protect the public by applying them with integrity and fairness. The TE/GE division reports it has been busy carrying out its 2019 program activities with the added task .....
This article discusses how family business owners have to decide whether to sell their business or hand it down when they want to retire. Both sides have their advantages such as retirement funding and ensuring family well-being for a specific amount of time. However, there is no doubt this is a hard decision for many .....
By Michael Ward CPA,CGMA, Brian Kenyon, CPA and Bis Dhar, CPA For years, organizations looked to data primarily to understand past performance. But major advances in computing power and other technology have made it possible for organizations to leverage data for more than just keeping score. Nonprofit organizations rely on donors, ranging from individuals to .....
