Nonprofit Accounting Blog – Page 20

Form 990: An Overview for Nonprofits

With tax time looming, tax forms and reporting are likely on your mind to some extent by now and will become even more prevalent in the next few weeks and months. Tax reporting issues can be costly in many ways, both financially and to the future health or even existence of tax-exempt and nonprofit organizations. Over the years, Beck and Company’s Certified Public Accountants and Business Advisors have seen that many nonprofits and their boards are not as aware as they should be of what data and information is expected to be reported and needs to be reported on Form 990 returns. Without proper understanding of this information, there is also a risk of not being aware of the penalties that are possible to incur if these Form 990 forms are filed late, are inaccurate, or are left incomplete.

As a member of the board of directors, a trustee, or a staff member of a nonprofit, it is your duty and responsibility to review the Form 990 sufficiently to help protect both yourself and your organization from penalties. Although not an IRS requirement, it is certainly a best practice and strongly encouraged that boards review Form 990 information. By submitting proper information in a timely manner, you offer three forms of protection. You protect your organization from losing its exempt status. You also protect the organization from incurring potential financial penalties. Finally, you protect board members from the possibility of owing money personally from personal penalties.

Beck and Company’s Certified Public Accountants and Business Advisors understand that these forms are confusing, complicated, and overwhelming. Not only that, but it is difficult for those of you working at nonprofit organizations, who should be focused on the important work and mission of the organization, to truly understand them and what is expected on them. The intricacies necessitate trained professionals who are well versed in the forms and understand the legalities and complexities well. As you can see, inaccuracies can be costly to your organization’s future, but you don’t have to worry about those if you solicit the help of a professional tax advisor. Learn more about Beck and Company CPA’s tax services and the ways we can help you so your tax preparation and filing are done correctly.

Now that you understand that Form 990s and other tax forms are often misunderstood or not understood by boards and nonprofit staff members, that there are risks to inaccurately filing Form 990s but also ways to protect yourself, and that a professional tax advisor or Certified Public Accountant (CPA) is likely a necessity in helping taxes get filed properly, let’s take a quick look at a general overview of Form 990 including what it is, when it needs to be filed, and what is included on the form.

What is the Form 990?

The IRS Form 990, officially referred to as the “Return of Organization Exempt from Income Tax,” is the tax document that tax-exempt, nonprofit organizations file each year with the IRS. The Form 990 allows the IRS and the public to evaluate nonprofits and how they operate.

The Form 990 requires disclosure of potential conflicts of interest, compensation of board members and staff, and other details having to do with financial accountability and avoidance of fraud.

When do you file the Form 990?

Your filing depends on your fiscal year end date. You are required to file by the 15^th day of the 5^th month after your fiscal year period ends.

What information is required on the Form 990?

Besides general contact information, the form includes a Statement of Program Service Accomplishments, a Checklist of Required Schedules, Statements regarding other IRS Filings and Tax Compliance, Governance, Management, and Disclosure information, Compensation figures, a Statement of Revenue, a Statement of Functional Expenses, a Balance sheet, Reconciliation of Net Assets, Financial Statements and Reporting.

Next week, we will take a closer look at what key constituents truly need to understand and know about Form 990 information that is filed so they can differentiate that from what they can leave to the professionals. Beck and Company CPAs would like to assist you and your organization in filling out the Form 990. Contact our CPAs today to get the nonprofit tax assistance you need.

Cloud Computing: Improving Financial Reporting and Strengthening Security

As we’ve looked at solutions for increasing effectiveness in financial reporting over the past couple weeks, one solution we’ve explored is Cloud computing. We learned that it is an effective way to have financial reports be accessible anywhere at any time and is a trend that is set to become even more widely used in 2015. But, you may be left wondering if the Cloud truly is a solution that can help in strengthening security instead of compromising it. Financial records are so important that your data security should not be taken lightly. Beck and Company Certified Public Accountants and Business Advisors know that there is too much at stake to not be putting your organization’s safety as the number one priority. Without safeguarded data and accurate records, you could be in serious trouble. If your data is stored in the Cloud, will it truly be safe? Let’s take a closer look.

What are Cloud backup services?

These are becoming more and more popular throughout the world because they are both cost effective and flexible. Storing your information and data in the Cloud not only protects it from disasters of all kinds, but it also does not require additional resources such as hardware or software. Because content is transferred automatically, it ensures data is protected from threats that are either physical, digital, or environmental. Recovery time, in case of an emergency, will be reduced substantially because of this. This gives all constituents the peace of mind they need to know that information is safe and recovery will be quick and easy if something happens.

This backup protection is even more important because so much of the data you have is financial information. Your financial reporting and accounting records, when used through the Cloud, are protected as well. This information is just too precious to risk losing, but the Cloud allows for this protection.

For the sake of clarification, there are other backup services available besides on the Cloud, but they are not as comprehensive. Local backups are one example. This means storing data on a hard drive, CD, or flash drive. Unfortunately, lost or broken data storage tools present a problem, and the backup needs to be done at least weekly and done manually to be sure nothing is lost. Offsite data storage is another example. They may offer more protection from physical dangers (natural disasters, theft, etc.), but they require more planning and resources. They require numerous and portable media, a secure location offsite to store the media, and a plan to be sure data is being regularly backed up and transported to the location.

Beck and Company CPAs offer technology consulting services and would be happy to help you understand the Cloud more. We can help you with your technology needs so you can ensure you have easy access to all of the financial reporting capabilities your business needs while strengthening security of the information instead of compromising it. Find out more about our technology consulting services here.

Is the Cloud Safe?

While the first impression of the Cloud may be a good one, businesses still question whether the Cloud really is a safe solution in which to store their business-critical data and accounting information. Like many new technologies, the Cloud has come under serious scrutiny. How, then, can a data backup solution that is maintained online be safe?

First of all, the Cloud has strong data encryption to prevent hackers (and even your backup service provider) from unlocking your data and violating your client confidentiality. The encryption technology is so advanced, in fact, that it offers complete confidentiality of all of your data stored in the Cloud. Make sure that your data is encrypted prior to (and during) transmission and that it remains encrypted while it is stored in the Cloud for safekeeping.

Your online data archive will also be fully protected with a digital encryption key. In order to keep your data locked up tight, make sure your provider allows you (or a designated person in your office) to be the only one with access to the encryption key.

Contact us here at Beck and Company CPAs to find out more about the best ways you can accurately record financial information whether through a Cloud computing solution or by partnering with one of our accountants to help you get your business finances in order.

Financial Reporting Made Easy and Accurate with the Cloud- 2015 Trends

Last week, we took a look at a cure for financial reporting management mistakes. This week, we’ll take a look at another way to help your financial reporting to be more efficient and on track with the times. This is through Cloud computing.

Our fast-paced world means it is likely you don’t spend every minute in your office and are more reliant than ever on mobile technology. No matter where you are, you likely have times when you have a need to instantly access company information about finances and financial reports. Technological advancements have meant that it is now possible to send emails, check account balances, and view reports anywhere, any time, and on virtually any device. With a mobile framework quickly becoming the norm, there is also an increasing need to have instant access to accounting information and other vital statistics at any time. All of this is achieved through The Cloud. Cloud computing allows businesses to have this flexibility of instant access of data from any device for any constituent that is needed today.

Do ever fear that information stored on the Cloud is less accurate than that of the data stored on-premise? Well, you have no need to fear. The same data that is used for financial reporting at the office is simply saved to the Cloud so the information you access on the go is just as accurate. Essentially, it is the exact same data in a mobile format.

With the trend being that more and more organizations will transition to the Cloud in 2015 and that the Cloud offers many capabilities beyond what an on-premise solution can, the time is now to consider it. Beck and Company’s Certified Public Accountants and Business Advisors offer your business a variety of technology consulting services if you would like more personalized information about the Cloud and its application to meeting your company’s needs. Find out more about our technology consulting services here.

What, exactly, are the trends in Cloud computing as we finish out 2014 and look toward 2015? These will help you see that Cloud computing is likely to not be just a technology trend of the time but one that transforms the business world. In fact, it has the staying power and potential to forever change the way we do things. Through automation of manual processes, streamlining of tasks, and instant access to your company’s information and data, the Cloud has made nearly anything possible.

What does Cloud Computing’s Future Look Like for 2015?

1. More companies will transition to the Cloud in 2015 than ever before

For some companies, this will mean simply deciding if they will transition to the Cloud while others will move their Cloud solution to the hybrid Cloud that offers the security of a private Cloud with the scalability of the public Cloud.

2. Disaster recovery services will transition fully to the Cloud

No longer will companies use Cloud services as a simple backup. With continued reliability of the Cloud being proven, many organizations will chose to move everything to the Cloud in terms of disaster recovery service.

3. Those currently using the public Cloud will transition over to the private Cloud

Security concerns and control issues are contributing to this transition already.

4. Apps that are powered by the web are likely to become top tools for companies

The unmatched efficiency and scalability of mobile apps means they will become even more prominent.

Contact us here at Beck and Company CPAs so we can help you start off on the right foot in 2015 by transitioning your financial reporting to a Cloud-based operation through our technology consulting services. Stay tuned next week as we look at if the Cloud is truly a safe and secure solution for storing your important financial information and reports.

The Cure for Unhealthy Financial Reporting

Are you feeling like your financial management is ineffective and inaccurate? Do you need a CURE for “unhealthy” financial reporting practices and records? Look no further. We have just the financial management treatment you need to nurse your financial records and reports back to health. And, there is no better time to do this than now as you finish up the year 2014 and look to the new year of 2015. Having your financial reports in order now will help you with upcoming budgetary and company decisions that you will be making and will keep you on track to get a clean bill of health throughout all of 2015. This will also set you up for success in being prepared with reports at a moment’s notice upon request. Who doesn’t want to be healthy in the New Year?! We all do. Your business needs to be in a healthy place, too, and financial reports that are accurate and organized are vital lifelines in this health and are important tools and resources for constituents of your company or organization.

If you are in need of personalized help and attention in the area of financial reporting, Beck and Company’s Certified Public Accountants and Business Advisors are trained professionals who can help you reduce costs through business process optimization. This involves improving workflows and operational efficiencies that can ultimately have a positive impact on your bottom line. Learn more about our client accounting services here.

In addition to the personalized accounting services we offer, here are some general tips for what characterizes good and healthy financial reports and statements. As a general rule of thumb, keep in mind that the information contained within the reports should have the needs of the users of the reports in mind. Consider the audience when creating reports so the needed information is included and information that is not pertinent is not included. Not all audiences are created equal so not all reports should be created equal. Regardless, though, the reports must be correct, and more detailed information must be available upon request when more concise reports are shared. Just think of C.U.R.E., and you’ve got the cure you need when it comes to healthy financial reports!

C- Comparability

The information must be comparable to the financial information presented for other accounting periods so that users can identify trends in the performance and financial position of the reporting entity.

U- Understandability

The financial information must be readily understandable to users of the financial statements. This means that information must be clearly presented with additional supporting information supplied as needed to assist in clarification.

R- Relevance

The information must be relevant to the needs of the users, which is the case when the information influences the economic decisions of users. This may involve reporting particularly relevant information or information whose omission or misstatement could influence the economic decisions of users.

E- Error-free

The information must be reliable and therefore free of material error and bias while also not being misleading. Thus, the information should faithfully represent transactions and other events, reflect the underlying substance of events, and prudently represent estimates and uncertainties through proper disclosure.

In addition to the CURE above, there are many other characteristics of effective financial reports. These include showing context and keeping investors in mind, being compliant with rules and regulations, following the Disclosure Management Cycle, creating the reports in collaboration with others within a business team, etc. You can learn more here. Please contact us to learn more about how we can help you and your business to succeed in all areas including in the financial realm with your financial reporting practices and efficiency. Stay tuned next week for another cure to the financial record mismanagement blues!

Nonprofit Fundraising: Do you have a Sufficient Online Presence?

Fundraising. What emotions do you feel when you hear that word? As a nonprofit, does your organization dread and detest fundraising yet see its importance or is it something that you enjoy and feel successful at? For most people, they would say there is more hatred than love for fundraising so they, therefore, view it as a “necessary evil.”

Fundraising for nonprofits can be an essential part of helping acquire the funds needed to fulfill the organization’s mission. With the proper structures in place that are responsive to what donors are desirous to see, there is success to be had in terms of fundraising. Last month, we took a look at how to fundraise in a modern and connected world. In summary, current fundraising is all about focusing on individual giving through web-based tools and online efforts. This month, let’s take it a step further and look at what, exactly, should be included in your online fundraising attempts and some metrics that support the benefits of these efforts.

First, though, it is worth the reminder that all nonprofit fundraising efforts need to be properly recorded and tracked just like any other financial transaction. Although we will leave the fundraising expertise up to you, Beck and Company’s Certified Public Accountants and Business Advisors can assist you with your back-office accounting and financial needs so you can focus on your mission. We provide professional advice to help you with financial statements and bookkeeping to make sure your finances are in order. Learn more about our nonprofit services. Now, let’s take a deeper look at what makes nonprofit fundraising successful in our current reality.

What leads to success in fundraising in our current reality?

These days, everything is about the internet. Two of the most powerful ways to fundraise are through online videos and blogs. These venues give you a chance to reach a broad audience with small and meaningful messages that have a personal flare. These short pieces create “ah ha” moments for viewers as to what your cause is and how it is really making a difference. This, in turn, leads them to want to contribute to see these things continue.

Diversifying your efforts to get the word out is essential. Multi-channel fundraising is more effective because with a larger number of communication channels being used, fundraising effectiveness improves. This means that the SAME message is sent out all over the place (website, e-newsletter, videos, advertisements, mailers, etc.). These small snippets add up to a complete picture for people in understanding the mission and need to contribute. Simply put, reinforcement is important.

In summary, successful fundraising today involves needing:

Blog posts with relevant and impactful content
Video clips available online reinforcing this same relevant and impactful content
Multiple channels to communicate the same message to a variety of people in a variety of formats

What metrics support the need for an online presence?

Here are just some examples of the results:

Fundraisers who release blog content reported they were 34% more likely to have increased fundraising revenue last year.
Fundraisers who release video content reported they were 47% more likely to have increased fundraising revenue last year.
Nonprofits who accept online donations were 24% more likely to have increased fundraising revenue last year and 61% more likely to describe their fundraising efforts as “effective.”
One organization that went from a single channel of communication to multiple channels all saying the same message increased their fundraising by 40% in just one season.

For more information about nonprofit fundraising and how to properly record and report what is raised, contact us here at Beck and Company CPAs. We are here to help your organization with its accounting and business system needs.

Hints and Questions to Consider when Choosing a Tax Advisor

Last week, we took a look at factors that go into choosing a tax advisor and what your business should be getting out of this tax advisor. You can read more about this here. Now that you know what you should be looking for and what benefits should come out of having a tax advisor, it is time to take a closer look at the process of actually securing a tax advisor for your business during the hiring process. Beck and Company’s Certified Public Accountants and Business Advisors are experienced and qualified to help your business with their tax preparation and can offer further advice on securing a tax advisor as well. We provide innovative tax compliance and consulting solutions in addition to tax planning and preparation assistance. We have certified public accountants (CPAs) who can help. Learn more about our tax service offerings here.

Whether you choose a Beck and Company CPA or someone else to be your tax advisor, the following hints should be at the forefront of your mind when choosing the right tax preparer or advisor to do your taxes. Finding an advisor who is truly committed to your business success is absolutely paramount. Selecting the right advisor should be a process not unlike selecting a full-time employee who’s the right fit for your business. These hints will help you to secure the right person with the right intentions which will ultimately save you from major headaches down the road. With that in mind, consider the following hints.

Helpful Hints When Choosing a Tax Preparer/ Advisor

Use a reputable tax professional who signs the tax return and provides a copy.
Consider whether the individual or firm will be around to answer questions about the preparation of the tax return months, or even years, after the return has been filed.
Check the person’s credentials. Only attorneys, CPAs, and enrolled agents can represent taxpayers before the IRS in all matters, including audits, collection, and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.
Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and resources that also holds them to a code of ethics.
Be cautious of tax preparers who claim they can obtain larger refunds than other preparers.

These hints alone are not sufficient. You will want to be sure to interact with and communicate with three or four options in tax advisors before making your final decision. When you interview them, consider the following questions to ask them. Their answers will offer guidance and insight into your ultimate tax advisor final decision. In addition to these guiding questions that are found below, a few key qualities you should discuss during an interview are availability, qualifications and experience, client longevity, and price.

Questions to Ask when Choosing a Tax Advisor

What is the candidate’s educational background? Do they have an advanced degree?
What qualifications does the candidate have?
Do they have expertise in areas relevant to your business?
How long has the candidate been doing tax advising?
Do they have any licenses? If so, which licenses do they have?
Will he or she provide at least three references of current clients?
Have they been cited by any professional or regulatory body for disciplinary reasons?
How and what do they charge? What fees will they charge?
Do they provide ongoing reviews and planning strategies for you?
Will they represent you if you are audited?
Are you comfortable with your prospective accountant/ tax advisor?

The right answer to these questions depends on your individual business’ situation and needs, but what is most important is that you do your homework and make an educated decision when it comes to the important choice in picking a tax advisor. For more information about the process or to find a tax advisor for your business, contact us here at Beck and Company CPAs.

Benefits of and Ways to Choose the Best Tax Advisor

Choosing the right person to be your company’s tax advisor is no easy task. Similar to choosing a good accountant for your overall business needs, you will want a tax advisor who will have the specific characteristics and qualifications you need while also being a good fit in personality and style.

For many small and mid-sized businesses, it is recommended that you do not do your taxes alone but that you consult a certified public accountant (CPA) to be involved in the tax process. This CPA acts as the tax advisor because they can give advice on which tax strategies to take or not to take based on their interpretation of IRS rulings and past experience. There are endless complexities and deductions that can be easily missed without the expertise of a CPA, and they can be vital to long-term strategic planning as well. This means that the CPA is not just communicating at tax time but throughout the year so that there are no surprises at tax time. This includes advising on investment monitoring and keeping current on upcoming tax legislation. Another perk in hiring a CPA as your company’s tax advisor means they will represent you in an audit before the IRS, if needed, so you don’t have to go it alone.

It is important to remember that you are not only paying for tax preparation but also for the advice relationship when using a CPA as a tax advisor. Beck and Company’s Certified Public Accountants and Business Advisors offer tax planning and preparation services if you are in need of a tax advisor or want more information about finding the best one. Learn more about our Tax Consulting Services by visiting here.

What are the key factors that go into choosing a tax advisor?

You can think of this as the “two Cs”: competence and communication.

Competence: Your tax advisor should have tax preparation expertise and be up-to-date on ever-changing tax laws. Be sure that they not only have a solid background with regards to tax expertise but also are competent in realms that match up to your business’ unique industry.
Communication: Even a very skilled and competent tax advisor is not worth your time if they do not communicate regularly or honestly. They are expected to keep you informed so there are no surprises but also to communicate well with you in general. If the right person has the wrong personality or skill set, it will still be the wrong choice for your business. Choose someone that will mesh well with your company and staff.

What should your business be getting out of your tax advisor?

In addition to the qualities and skills that a CPA should provide your business, consider the following parameters so you get the most out of your tax advisor both initially and over the long-term future.

· Write a job description.

Hiring a professional is no different than hiring an employee. Outline specifically what you want them to do.

· Match personalities.

It’s important that your personality and that of the people you engage with are compatible. It’s not unusual for a professional to have a great relationship with one client and not satisfy another. The problem could be a simple personality clash.

· Communicate regularly.

If you dump your whole financial future in the hands of a tax advisor without ongoing communications, you’re asking for trouble. Nobody is going to have as much interest in the financial future of your business as you. Make sure you have a strong line of communication open with your advisor.

· Demand results.

If you don’t like the way they do business or the results they get, fire them and find someone else. Don’t hold on to someone who is not helping to further you company’s success.

Next week, we will take a look at some hints and questions to consider when you are in the process of initially hiring a tax advisor and are hoping to choose the right one. Stay tuned for these important tips. In the meantime, contact us here at Beck and Company CPAs so we can help you with your tax service needs or help you find a great tax advisor for your business.

Tips for Cleaning Up Accounting Records

With all that goes into smoothly running a business, it is likely that some tasks will end up getting less attention than others. Don’t let your accounting records be one of those areas. Instead, make sure that they are a priority and are updated regularly. Whether you manage all finances in house or need outside help from an accountant, having your records in order is still essential. Without proper records or records that are disorganized, it will be difficult for you or your accountant to properly track and record financial information. If you are looking for accountant assistance for your business, Beck and Company’s Certified Public Accountants and Business Advisors are here to help you with these needs. We provide many accounting services.

It may be that you feel financially illiterate and have no idea where to even begin with organizing accounting records. It could also be the case that you have not had the discipline nor the systems in place as a company to keep records cleaned up. Regardless, you likely are aware that having these records organized and efficiently laid out would be immensely helpful in so many ways. With a fast-paced business world and so much at stake, there is no need to spend valuable time sorting through messy records time and time again. Instead, creating a system for a month-end accounting process clean-up will allow you to make informed decisions with ease and quickness while also helping you to focus more time on the future of the business instead of on financials alone.

How can your records be cleaned up so financial reporting is both possible to do and accurate, too? Below are some tips to do just that on a monthly basis. This checklist will help when evaluating the performance of your own accounting support and will make outside help from an accountant easier thanks to records that are ready to use and organized.

Do retained earnings agree with my tax return? If not, do I understand exactly why it’s different? You don’t have a good starting point if this isn’t right.
Cash accounts are reconciled and agree with bank statements. Items that are not reconciled are investigated.
Fixed assets are appropriately capitalized. This means that you look at accounts in your profit and loss for lease payments and other purchases that should be capitalized.
Other assets are appropriately stated. If you have an asset account that hasn’t changed, look into whether or not it’s still realistic.
Credit cards are reconciled.
Unrelated party loans (e.g. lines of credit, bank loans) agree to statements, and interest is booked appropriately.
Related party loans (e.g. inter-company) agree on both sets of accounting records (if you own more than one company and loan money back and forth).
If your balance sheet is accurate (steps 1 – 7), review your profit and loss statement. Are expenses within tolerable thresholds relative to prior years and periods?

If you do all of this, you know you have good data, and you can make decisions based on accurate information or have an accountant help you with this. It also ensures that, when asked, you can produce financials at a moment’s notice to interested parties. Beck and Company CPAs can help you in this process of preparing accounting records for accurate financial reporting so you are ready when the need arises for these records. Please contact us to learn more about how we can help you and your business to succeed in all areas including in the financial realm.

Nonprofit Fundraising in our Connected and Modern World

In order to prepare for a nonprofit financial audit or to expand fund development, you will need to be sure that past, current, and future funds raised from fundraising efforts are properly tracked and recorded. Even if you are simply doing an internal audit to prepare for a campaign, it is necessary to take a closer look at funds raised in the past and to be sure that the proper infrastructure is in place to handle a campaign. Beck and Company’s Certified Public Accountants and Business Advisors can give you insight into auditing processes and other nonprofit services. To learn more about audits and for assistance in this nonprofit financial audit process, take a look at our auditing services.

We all know that nonprofit fundraising is extremely valuable and important. Without it, it is likely there will be insufficient funds to meet the needs and service the mission of the organization because nonprofits can no longer rely on ever-decreasing government funds nor on select special events or grants. How, then, can we successfully do it? Fundraising is becoming more focused on individual giving. Being successful with fundraising efforts online is no easy task, but using the technology tools of today to reach individuals can be an important source of funds in a world where nearly everything is transitioning to the web. Here are five important tips for helping you achieve success in raising funds online:

1. Use multiple social online tools that others are using, too

Yes, there are indeed dozens of social tools available these days. While you would not want to use everything that is available, you should pick and choose as many as you think will work best for your audiences that you are also capable of managing. For example, different people prefer using Facebook pages over Twitter while others would rather follow Twitter feeds. You’ll want your efforts to be widespread so no one is left in the dark and so no possible opportunity is missed. Therefore, invest in the channels and tools that can really help you reach all of your supporters and donors. Remember, use what those people are using. There is no need to jump on the bandwagon of a new social technology tool until your donors are using it, too.

2. Networking with bloggers that share your organization’s passion is essential

Take time to build a relationship with the MANY bloggers that are out there. You are likely to find numerous blogs and bloggers that will share your nonprofit’s same passion. These connections can translate into easily multiplying efforts by having others with the same passion spread the word through their blogs. They can become your champions and help you raise awareness and donations through their readers and subscribers.

3. Don’t forget the power of face-to-face

Asking for support in person is still the number one way to achieve a donation for your organization. Use every correspondence and each opportunity when meeting with others in person to direct traffic to your social media channels and sites. This provides a way for new audiences to stay engaged with your cause and what your organization is doing about it.

4. Be consistent about informing and educating others

Use every opportunity you have whether it be on social media, over email, or in person to educate people on the impact of their donation. This is most powerful and eye-opening if precise and detailed examples are used that clearly depict how their money can make an impact and what it can fund. Use relevant happenings, events, news, and informational studies as an opportunity to educate others about your cause.

5. Keep it up and don’t lose heart

There is still no guarantee that funds will start pouring in through donations. It can be disheartening to look at your data statistics and wonder why more isn’t coming in. Although all of these online technological advances are powerful, social fundraising still takes time and does not happen immediately. Keep at it, and you’ll see the efforts will pay off over time.

For more information about nonprofit fundraising and the intended outcomes of it through audits, contact us here at Beck and Company CPAs.

Ensuring the Retention of a Quality CPA for your Business

Finding and securing the right accountant to meet your business needs is no easy task. Last week, we took a look at guidelines to assist you when choosing the best Certified Public Accountant (CPA) for your company. Visit here to learn more. Once you’ve secured a good accountant, you won’t want to lose them and will want to be sure you know what will help keep them around for the long haul. It is important to do what is necessary to make this happen.

At the same time, you also want to ensure that your hired CPAs are performing their duties well. In a sense, there is a balance of equipping employees with what they need to be successful but also monitoring to make sure they are fulfilling their end of the obligation to do honest and professional work. This balance can happen by knowing what your employees need and responding to those needs while also knowing what to expect out of your CPAs and holding them accountable to these expectations. Beck and Company’s Certified Public Accountants and Business Advisors have vast experience in accounting practices along with a deep understanding of business processes to assist you in knowing accountant needs and expectations. We also offer quality accounting services to meet your business needs.

Tips for Fostering Retention

Some recent surveys within the field have concluded that employers find that employees with the highest potential and those who were the top performers were also the ones with the highest turnover. Employers are losing their best talent, and the employees state that their reasons for leaving are limited opportunities for career advancement and a lack of confidence in company leadership. There is certainly a disconnect between employers and employees that is leading to talent mobility instead of leading to employers seeking to understand and respond to what employees value. If you want to retain your CPA employees, you’ll need to do just that.

As an employer of CPAs, what can you do to improve retention, engagement, and employee career development?

Create a consumer-like experience for employees. Many employees feel they are not understood to the same degree they are expected to understand customers. Be sure to get to know what your employees need, and respond to those needs.
Equip employees with leadership development and career advancement opportunities. Don’t lose employees to companies that are meeting their needs better. Give them the opportunities they need, and be open to discussing opportunities for leadership and advancement within your own organization.

Ensuring Employees are Following Expected Professional and Ethical Practices

As an employer, you may not be an expert in the field of accounting. At the same time, your accountants are an important part of your business and have the power to make or break it in many ways. Not only are employees held to a certain standard of general conduct that must be followed, but accountants are also held to a certain standard of ethical and professional conduct specifically tailored to the work of accountants. As an employer, it is important for you to know about this code of conduct to be sure it is being followed and that your accountant is following practices that will help and not hinder your business. The American Institute of Certified Public Accountants (AICPA) has outlined these expectations through its Code of Professional Conduct. It includes such things as expected responsibilities to clients and colleagues, other responsibilities and public interest, general accounting principles, and a look at independence, integrity, and objectivity.

For more information about the Code of Professional Conduct and general assistance as an employer with helping accounting employees to be successful and to stick around, please contact us here at Beck and Company CPAs. Our vast experience can be an asset to ensuring success for all—both employees and employers.