New Audit Standards for Entities with Fiscal Years Ending after December 15, 2021

Tax planning for businesses

After a one-year delay in implementation due to COVID-19, auditors will be required to implement a new suite of audit standards intended to provide more transparency into the basis of the audit opinion and more closely align the reporting requirements of U.S. generally accepted auditing standards with those of the PCAOB and International Auditing and […]

Think inventory costs aren’t important? Your competitors disagree.

Warehouse inventory

Manufacturers, distributors, retailers and supply chain management professionals are doing everything they can to lower inventory costs in order to stay ahead of the competition. If you’re struggling to trim inventory spending, take advantage of these five strategies to reduce costs. 1. Smartly manage inventory levels The level of inventory you keep on hand directly […]

Cost Accounting: Don’t Let It Sit on the Back Burner

American Rescue Plan Act

Is it important to know what it costs to make a widget, or to provide your service? If you have profit at the end of the day, isn’t your revenue greater than your expenses? Of course, the simple answer to that is: yes. But, could it be more? Could you have more cash left at […]

Shuttered Venues Get Federal Assistance

empty theater venue

On December 27, President Trump signed the bipartisan Consolidated Appropriations Act 2021, which modifies existing laws including the CARES Act and expiring tax provisions, and includes several new programs. One such new provision is grants for shuttered venue operators. The Consolidated Appropriations Act authorizes $15 billion for the Small Business Administration (SBA) to make grants […]

The nuts and bolts of parts inventory management

Various factors go into improving the management of your parts inventory. One of the most important is eliminating or minimizing variances between the actual parts on the shelves and the parts that your inventory management system says are there. When parts inventory management = cash Inventory is sometimes referred to as “cash on the shelf” […]

Smart Nonprofit Leaders Know How to Delegate

Delegation ideally gives not-for-profit executives time to focus on mission critical tasks and provides growth opportunities to staffers. However, you need to approach delegation strategically. This means assigning the right tasks to the right staffers — and following up on assigned work to ensure it’s completed to your standards. Projects and People First, consider potential […]

Cash Is Still King

Develop Cash Flow Projection

We’ve all heard the expression “cash is king,” but never has this saying been truer than it is today. Cash (or rather, cash flow) is critical to the long-term health of a business if it is to survive the Covid-19 pandemic. Leadership’s primary responsibility in this environment is to keep cash—the lifeblood of a company—freely […]

Nonprofits – Here’s why internal audits still matter

Biden far-reaching tax overhaul

Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom. So it’s important to continue to schedule […]

FASB Issues New Guidance on In-Kind Donations

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Presentation and Disclosures by Not-for-Profit (NFP) Entities for Contributed Nonfinancial Assets, in September 2020. This standard has been issued by to increase the transparency of financial reporting related to contributed nonfinancial assets, often referred to as “in-kind donations.” Nonfinancial assets are defined as […]

Regulatory and Accounting Update for Community Banks

regulatory accounting community banks

Please note: CPE is not available for this webinar on demand. CPE is only available for live events.  Join CSH’s David Klopfer and Katie Schnieber as they provide an update on some of the most important regulatory and accounting issues impacting the region’s community banks and savings institutions. Topics will include: PPP accounting PPP forgiveness […]